More than 5,000 people affected by the Dunamiscoins scam have demanded lawmakers help get their money back.
Dunamiscoins Resources Limited opened in Masaka in central Uganda in November and started taking money from local clients – promising 40% interest.
However, the firm’s office closed and angry investors were left with nowhere to turn after Dunamiscoins apparently disappeared with their cash.
Now the group of victims, led by Arthur Asiimwe, has petitioned the Ugandan parliament claiming that the company was working like a microfinance company yet was registered as a non-deposit financial institution, reports Ugandan newspaper The Observer.
Mr Asiimwe said: “The government licensed this company and gave it a go ahead to work as a non-deposit taking financial institution; it carried out its duties as a microfinance company.
“They gave unrealistic bonuses.”
Private firm Dunamiscoins Resource Ltd conned over 5,000 Ugandans up to Shs23bn before closing shop in December and going “underworld”. pic.twitter.com/B2QyZLJgLM
— Rogers Atukunda (@rarrigz) January 17, 2020
Dunamiscoins directors Samson Lwanga, 37, and Mary Nabunya, 53, appeared in court earlier this month and were charged with 65 counts tied to obtaining money by false pretence.
The suspects pleaded not guilty and have been remanded in custody until the next hearing on January 22.
It’s claimed that the suspects fraudulently obtained between Shs 500,000 (£103) and Shs 140 million (£28,730) from each of the alleged victims.
A third director, Susan Awoni, remains at large.
“We are not satisfied with what the police report that they have failed to arrest the third director,” Asiimwe added.
“We request that the Financial Intelligence Authority follows this up and trace where the money is and we are refunded.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.