By Ezra Kashumbusha and Leonard Kamugisha Akida,
KAMPALA
Ponzi schemes are finding virgin grounds for investment in Uganda’s capital markets enjoying unlimited subsidies from government but nobody is bothered to research about these companies legitimacy. The majority poor Ugandans are vulnerable to these scams which promise quick money in return upon investments.
From financial fraud of COWE to business networking companies like Aim Global, Superlife, GNLD International the government is seemingly in a deep slumber to regulate the licensing and operation of these companies. Last year, it was Acclaim BLQ, a sports company that conned Ugandans over Shs50 billions of money. We seemed to have learned nothing and forgot something.
The latest scam is Capital Chicken, a company that had been operating in Uganda for two years hoodwinking vulnerable farmers into dubious poultry farming business deal.
“Capital chicken Ltd we are a contract farming company dealing in rearing broiler chicken for commercial business. We are located in Kamokya Kanjonkya street plot 74 opposite Alliance. Call us Today on 0761888555 or 0701479989.” “FARM WITH US” the company advert read and played in the media.
With this oceanic flow of adverts, Ugandans were persuaded enough to invest their money with the company and earn Shs6m per month.
FRAUD
Reports of fraud started raising when victims became suspicious of the company’s farm locations and after failing to get their expected financial returns.
One by one, group per group, numbers increased as the company kept on bouncing back farmers to come on the next day whenever they visited offices for transactions.
The unusual behavior from management made farmers to become more suspicious and on a single bad day when they visited the company prwmises, they found office has closed down and its CEO is missing.
Police Probes
Last evening, Kampala Metropolitan Police said it had started on investigations into alleged fraud activities involving Capita Chicken.
Luke Owoyesigyire, KMP Deputy Spokesperson Luke Owoyesigire said between years of 2021 and 2023, Capital Chicken operated an office along Kanjokya Street in Kampala Central Division where Individuals entrusted their money for Investment with purposes of returns.
“Initially , this operation was running smoothly but recently rumours arose as some members encountered unusual behavior from the management.” Owoyesigire said
He further explained that reports indicated that members were asked to come back later when visiting the office for transactions.
“Statements have been recorded from 41 victims , shedding light on transactions totaling approximately 1,641,376000 Ugandan shillings” Owoyesigire noted
Suspects Arrested
Currently the primary suspects in this matter are identified as Wamanga Pius, Sempebwa Ernest and others.
Public Assurances
Police has a the public that the matter is being treated with utmost seriousness and Investigations diligently working to uncover the facts surrounding this alleged fraud.
