By Watchdog reporter

Security is closely following developments surrounding Bank of Uganda’s case against Uganda’s property mogul Sudhir Ruparelia.

Last Sunday, Sunday Vision screamed with a big headline of how Sudhir had used sophisticated methods to defraud the defunct Crane Bank of money amounting to Sh400 billion over a long period of time.

The story which has dominated newspapers headlines and airwaves for the rest of the week, has raised many questions especially how much passes under the bridge in the financial sector as Bank of Uganda turns the other way.

Other analysts are wondering if there is something behind the headlines that is hidden away from the public.

It turns out information the intelligence community were collecting on the matter was potentially explosive.

Public information already shows that Bank of Uganda was working behind the curtains with lawyers and investigators who might be using Sudhir’s case as a smokescreen but were in other wards looking for other information about Uganda’s financial sector.

Many rivals of President Museveni have in the past failed to use insecurity and democratic channels to throw him out of government, and have over the years worked on weakening him economically.

Messing up the economy gives Museveni rivals s chance to reach out into individuals’ pockets and their households who will start to agitate for change as it starts to hurt them where it pains most.

So, the economy has been slipping over the last couple of years, and a number of companies closing has swelled leading to unemployment as well as no job opportunities for new graduates.

The situation is also discouraging investors especially as a poster boy of Uganda’s economic success, and the other Uganda to ever be mentioned among Forbes billionaires, Sudhir is melting at the hands of the state machinery notably now, the Bank of Uganda.

Intelligence is baffled by the fact that whereas it is counsel Masembe being fronted as the lawyer Bank of Uganda was working with on the Sudhir case, but for them see Dr Kizza Besigye’s top lawyer as in charge.

The Besigye lawyer, is one of the most lethal lawyers in Kampala, yet in his speech and writings he has never hidden his indignation for Museveni’s government.

Intelligence now know this Besigye lawyer, is an internationally connected lawyer and was working closely with the auditing firm that Bank of Uganda hired to study Crane Bank books among others.

WITH information given to the auditors during this phase of investigation giving access to the inside operations of the Bank of Uganda, the intelligence community is worried this lawyer is not on another mission.

Intelligence has also established that prior to the story appearing in the Sunday Vision last week, this lawyer together with Masembe and New Vision boss Robert Kabushenga at night club in Bugolobi where they planned the coverage of the stories. For the intelligence community therefore, if lawyers start with a media drill before going to court, it means this was not an everyday court case, so they are also studying the propaganda campaigns purpose.

It is now understood that the story was authored by Editor John Kakande who opted to suppress his byline under “Vision reporter” and it is not clear why a big story such as that could be buried under an anonymous byline.

Intelligence was now studying the interests of Mr Kabushenga too into this saga.

For a long time Sudhir was allegedly a front for powerful people in the country as owning most of his wealth.

Now among the allegations that Bank of Uganda wants Sudhir to clear himself include owning Crane Bank 100% and that the rest of people on the registrations books were just fronts! The Intelligence Community is also baffled by the fact that Bank of Uganda lawyers were demanding that Sudhir gives off some properties including the highly prized Speke Resort Munyonyo as part of the bargain to let him off the hook.

And again, this property has for some time been rumored to have interests of other political players in the country.

As night follows day, according to formation on our desk indicates that Sudhir could be a smokescreen but individuals after Sudhir were actually pursuing other interests and agenda, and were having a ride working with Bank of Uganda and New Vision to achieve their agenda.