A high-profile scam by crypto firm Dunamiscoins with more than 5,000 Ugandans Petitions

On Jan 17, KMA Updates reported that more than 5,000 Ugandans have petitioned Parliament to seek a refund of their investment in cryptocurrency firm Dunamiscoins Resource Ltd, a private company that accepted deposits before abruptly closing in Dec last year.

According to that, the fraudulent crypto firm advertised itself as a privately owned company and claimed it was pledged to providing free crypto services to banks to bring benefit the low income and poor.

However, the bank account of Dunamiscoins was suddenly frozen late last year, so petitioners say that more than UGX 23 billion (about $6.2 million) in client funds was locked in the company.

When stating their petition to the Speaker and Members of Parliament, Arthur Asiimwe, de facto leader of the petitioners, said that the government licensed this company and let them the go-ahead to work as a non-deposit taking financial institution and performed out its missions as a microfinance company. Moreover, they gave unrealistic bonuses, especially, the firm gave interest rates of between 30 and 40 percent for UGX.1 to UGX2 million.

According to that, Asiimwe and other petitioners argued that Dunamiscoins was running as a microfinance company although it was registered as a non-deposit financial institution. Additionally, he added that only two of three directors, Samson Lwanga and Mary Nabunya have been arrested, while Susan Awoni, the Managing Director remained at large.

“We aren’t happy with what the Police reported that they had failed to arrest the third director. We ask the Financial Intelligence Authority to track this and track where the money is and we get a refund”, he said.

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