The Police have recorded statements of five of the arrested 10 senior Stanbic officials in connection with the suspected fraud of over sh600m of pension monies.
The Police alleges that the officials used retired and deceased pensioner's passport photographs, which they attached to bank documents before opening accounts to be credited with the cash and soon withdraw it in lumpsums.
"As soon as the deceaseds' accounts would be credited the monies were withdrawn immediately," Judith Nabakooba the Police spokesperson said.
However, Nabakooba declined to divulge further details for fear of jeopardising the investigations. "It is not over yet, the Police is trailing other suspects and will be arrested in connection to the scam," Nabakooba said.
The suspects included Pascal Epodoi; William Embati; Robert Muhooza and other two officials, only identified as Hilah and Nalumansi.
They recorded statements at the Special Invetsiagtions Unit (SIU), where they are being held on allegations of conspiracy to defraud and causing financial loss.
The suspects were arrested from the Hoima, Mpigi, Kikuubo (Kampala) branches and a corporate bank branch in the city.
They included managers, supervisors and tellers.
Nabakooba said only eight of the bank staff were still under Police custody, but Fred Mugisha, the Stanbic Bank spokesperson said 10 staff were in Police custody.
"Sources said sh402m was allegedly withdrawn from the Kikuubo branch, sh165m from Hoima, sh50m from Mpigi and sh38m from the city corporate branch.
It is also alleged that the suspects in the fraud would reportedly take advantage of loan applications especially by pensioners, whose accounts they would allegedly credit and later withdraw the sums.