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Rajiv Ruparelia Demands DFCU Bank Apology

City business mogul Rajiv Ruparelia has demanded a public apology from the embattled DFCU bank after he was chided by the bank for spreading fake news.

Last week, DFCU through its legal officer Kalenge, Bwanika, Sawa and Company Advocates (KBS), issued a notice warning of an imminent legal action against Mr. Rajiv along with other online publications for denting its image.

The Bank asked Rajiv to publicly apologize and also interested the State to reign on the online news sites whose malicious publications allegedly threatened the future of the Bank.

Lately, it emerged that DFCU bank is facing a liquidity crisis, with a number of its international shareholders pondering on quitting business.

The bank’s woes arise from its decision to acquire Crane Bank, a deal which turned to be fraudulent according to the Auditor General’s findings released last month.


Responding to DFCU’s notice, through his lawyers Walusimbi and Company, Rajiv wants the bank to apologise for publishing his phone number and sharing it on a number of platforms.

“Our clients also demands that the publications expressed as a notice of legal action dated 5th October 2018 be forthwith retracted from the aforementioned forums and his customer rights be honored in full,” reads part of the notice dated October 8.

Adding that, “our client begrudges this breach of confidence actionable both civilly and criminally and accordingly requires an immediate formal apology similarly shared on all platforms hitherto published to.”

Rajiv also demands that the notice to sue him issued by the bank be retracted from the aforesaid forums and his customer rights be honored in full.

“Expect no further warning,” the notice adds.

Rajiv is the son of Dr. Sudhir Ruparelia who is considered Uganda’s richest man, employing 8000 directly and uncountable indirectly.

He was the owner of former Crane Bank a leading private banking institution in the land.

It was sold off by the Central Bank in 2017 on grounds of gross insolvency, a claim that has since been rubbished off by the Auditor General John Muwanga whose report exposes hidden agenda by Central Bank authorities.

The report has triggered fresh summons against Central Bank top shots by the Parliament of Uganda.


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