Con bishop steals billions from Ugandans
Ephren Taylor, 32 the Ponzi Perpetrator at Eddie Long, Joel Osteen Churches Heads to Prison
https://watchmanafrica.blogspot.com/2015/03/ephren-taylor-32-ponzi-perpetrator-at.html
Fred Ntabazi, who calls himself bishop, is a short man with a fair complexion and round eyes, which are seemingly kind, gentle and inviting. Some would not be faulted if they thought him cute. He had the trimmings of a man of God: a smooth voice, gentle eyes, down-to-earth attitude and Godly salutations. He would walk into his office greeting everyone with a smile, saying, “Mukama waffe yebazibwe” [Let us be thankful to our Lord].
Little did they know that underneath it all was a conman, a fraudster, who was smiling his way to amass billions from rich, fair earners and poor Ugandans that entrusted him with their money to invest in forex trading with his company, Pio Crypto Center Investment Limited.
His proposal was simple: invest a minimum of Shs 5m and, after a fortnight, get 10% [Shs 500, 000] every week for the next 48 weeks. This meant that an investor of Shs 5m would make Shs 24m after 48 weeks, and not many Ugandans would say no to that. Drawn to the prospect of prosperity, a chance to rise from the ditch of poverty, many were ensnared by his scheme.
Some borrowed from banks, saving schemes and loan sharks, and others sold assets: land, cars and houses to invest in forex trading. Ntabazi had a calculated method that guaranteed his fraudulent success. He assigned agents, who cleverly picked their marks [read victims] with the promise of 10% weekly deposits from the lucrative forex trading.
The agents started convincing people within their circles first, and urged them to get more people to invest in the scheme so as to spread prosperity to all their loved ones, colleagues and neighbours. And that’s exactly what the unsuspecting marks did, especially after receiving the promised weekly 10% deposits on their bank accounts, mobile money or even physically picking the money on either Friday or Saturday.
This went on until December 7, 2019 for some and December 14th when the weekly deposits came to an abrupt end. But earlier in November 2019 the, Internal Security Organisation had arrested Andrew Kaggwa, the chief executive officer of Global Cryptocurrencies Limited, for fleecing victims of money to the tune of Shs 15 billion.
When this news broke, Ntabazi’s stalwarts assured his victims that it would never happen to them because their business was legitimate. Ntabazi himself told concerned investors, who ran to his office to inquire about the safety of their investment, that all was well because he had connections to State House. He said, “Ndi wamunju,” to mean, “No one can touch me because I am related to State House.”
Little did the marks know that December 14, 2019 was the last time they would receive deposits on their accounts. Even then, on December 14, Ntabazi called for a meeting with investors at his offices to explain how the banks were against them. That, he said, explains why there was a glitch in making the deposits. He said banks were jealous that people were making money through forex trading and cryptocurrency.
He then assured his investors that after sorting the issue with the banks, payments would resume on December 21. Ntabazi, who was good at buying time, then explained that the forex trading system had slowed down during the Christmas festive season and business would resume on January 11, 2020.
At that point the investors still had hope in the smooth-talking ‘bishop’, who assured them that he wasn’t running away and that the offices were still open, which showed that he was genuine. Come January 11 and another set of lies spewed from his convincing mouth and it was the same line he had previously used, but with a different meaning. “Ndi wamunju,” he said, but this time he meant that no one could touch him in a sense that no one can bring him to book.
The incensed investors, who had gathered to get an explanation as to why their accounts had not been credited, charged, saying, “We are going to sue you.” To which Ntabazi replied, “Go ahead, no one can touch me.”
It was quite shocking to see the veil lifted from his sweet face to reveal the menacing fraudster that Ntabazi actually is. His investors shook their heads in disbelief when Ntabazi exited the room and this time he didn’t have his godly, warm smile, but a sneer.
True to his method of managing investors, Ntabazi’s agents were deployed, but this time to manage their marks. So, the marks kept calling and WhatsApping the agents for any news, a sign that all will be well; and the agents played their part, assuring them that the system will return to normal at the end of January when stock markets were back to full operation.
January 30 came and more lies came out. “You will get your money on February 15th,” reported the agents to their marks. Excitedly, one young woman exclaimed that that would be the best Valentine’s gift she would have ever received if the money was deposited on February 15.
Ntabazi and his fraudulent crew were really cunning and devised a way to give people hope, but not money. He said since the banks, and later the government, did not want people to have money, they were frustrating the payment process onto people’s accounts. He then said he had started a Sacco, Kampala Digital Financial Commodities Traders Cooperative Society Limited (KDFC) so that investors transfer their money to the Sacco because the laws of Uganda were a little relaxed on Sacco operations.
Some marks followed his advice and transferred their accounts to the Sacco, which meant that they could no longer demand for their 10% weekly deposits because they had collapsed that agreement in favour of the Sacco.
February came and went, and the promise of payment was deferred to the end of March for those that did not agree to joining the Sacco. Unfortunately, that is when the global pandemic, COVID-19, struck and everything was at a standstill. For Ntabazi, this was a blessing in disguise because he got the breather he wanted from investors.
As March turned into April, May, June, July and now August, the marks are still waiting for justice, for Ntabazi to return their money. Some ran to the police and registered complaints against him, but the police said it was hard to arrest him in the lockdown.
Others sought refuge at the Anti-Corruption Unit, under State House, but Lt Col Edith Nakalema sent them away, saying the office had more than enough cases and it was not taking on any news cases.
Ntabazi’s curse
For this article, I was unable to reach Ntabazi because his phone was off. But much as he may dodge calls, his victims hope he won’t be able to escape the law, and most especially, God’s vengeance because some were duped for trusting the man of God, who would bless them with oil when they dropped by his office. His church, One Light International Ministries, was situated on the fifth floor of Padre Pio Building too.
As they look to God to punish the man and his agents for using His name to lure them, the victims also pray the law of the land will rein him in and return their precious savings.
FAKE BISHOP FORMS PONZI SCHEME TO ROB GULLIBLE UGANDANS
Are crypto-currencies in Uganda another Ponzi-scheme?
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Understanding how these innovations work has become more critical
than ever before. Ssebadduka Gonzaga an independent marketing associate
at Onecoin says “The same way we go down the street and buy mobile
money–which is a digital float, and we pay our paper money then we are
sent digital money in our gadgets. So the same way we come with our
local cash, put it somewhere, then the person responsible the other side
will transfer the digital service into our mobile phones”.
And for now proponents of this digital gold, say the problem is most people, including policy makers don’t have a deep understanding of how these new networks operate, what they can do, and what risks and opportunities they present. “Other governments in the western nations, are moving to design their own systems in this case the block-chain system that can actually link with the available systems that are doing the transactions already. That way it becomes easy to regulate how this kind of movement is going around in and outside the country” Gonzaga adds.
While addressing the East African Bank of Governors conference last week, Mr Tumusiime Mutebuile, the Governor Bank of Uganda admitted that usage of e-currencies is gaining momentum in some countries. He acknowledged that the decentralized nature and multi-country reach of e-currency makes it hard regulate. In the past, some central banks either banned or discouraged the adoption of this currency.
Today, experts say that by speeding transactions and allowing the new anonymity of its users the sky might be the limit for crypto-currencies. For example, some of the investors in OneCoin a digital financial company in Uganda say that if someone paid UGX 700,000 now, and by June 2018 that person will be expecting about UGX 5.6 million, because currently the coin is at EUR 12.45 and by June next year it expected to be more than EUR 100.
The regional manager OneCoin Uganda Mr Ntabazi Fred says that his company has over 3,000 members in Uganda and in Africa they have over 700,000 members in a span of two years. And on a global basis, Onecoin has 3.2 million users. Unlike Europe, it appears this innovative yet disruptive technology continues to raise unexposed policy gaps and some African countries, Uganda inclusive and that analytics can help mine additional value by identifying patterns unearthing illegal activities.
And for now proponents of this digital gold, say the problem is most people, including policy makers don’t have a deep understanding of how these new networks operate, what they can do, and what risks and opportunities they present. “Other governments in the western nations, are moving to design their own systems in this case the block-chain system that can actually link with the available systems that are doing the transactions already. That way it becomes easy to regulate how this kind of movement is going around in and outside the country” Gonzaga adds.
While addressing the East African Bank of Governors conference last week, Mr Tumusiime Mutebuile, the Governor Bank of Uganda admitted that usage of e-currencies is gaining momentum in some countries. He acknowledged that the decentralized nature and multi-country reach of e-currency makes it hard regulate. In the past, some central banks either banned or discouraged the adoption of this currency.
Today, experts say that by speeding transactions and allowing the new anonymity of its users the sky might be the limit for crypto-currencies. For example, some of the investors in OneCoin a digital financial company in Uganda say that if someone paid UGX 700,000 now, and by June 2018 that person will be expecting about UGX 5.6 million, because currently the coin is at EUR 12.45 and by June next year it expected to be more than EUR 100.
The regional manager OneCoin Uganda Mr Ntabazi Fred says that his company has over 3,000 members in Uganda and in Africa they have over 700,000 members in a span of two years. And on a global basis, Onecoin has 3.2 million users. Unlike Europe, it appears this innovative yet disruptive technology continues to raise unexposed policy gaps and some African countries, Uganda inclusive and that analytics can help mine additional value by identifying patterns unearthing illegal activities.
Security Chiefs Conned Millions in Crypto Digital Coin Business
Top security chiefs across all security agencies are crying buckets
of tears after landing on information that they have been conned
millions of shillings via Crypto digital business an online company,
spyreports understands.
The online Company, which has made Security chiefs lose their millions of shilling that they saved for decades of years, was started by one Fred Ntabazi a self-proclaimed Bishop.
Insiders in security say Bishop Ntabazi was introduced to president Museveni by one of his super ministers as a genuine man who has come to do online money business, an ambassador of one coin digital currency in Uganda and he intends to boost lives of many Ugandans through his business.
Sources say, President Museveni accepted and allowed him to operate his business in the country and he started digital businesses that include Crypto Digital Coin, crypto digital Academy and opened up a church at Padre Opio building on Lumumba avenue.
Security sources revealed to us that after Bishop got full authority to transact digital business by President Museveni, he convinced his followers that included security chiefs, city tycoons to join him.
It is alleged that last year in August, he started Forex bureau business where he told his clients to invest shs 10- 100M where he will be giving them 10% profits after every 48 weeks.
According to our sources within security , over 40 high ranking officers from different security agencies sold their assets while others got loans from Banks and invested in crypto Digital Coin company with high chances of getting early profits in a short period of time.
Sources say Bishop first paid them their interest for four times which made security chiefs to believe in him and pursued their colleagues to join him. “After receiving hundreds of millions from security chiefs and city tycoons, he went silent and pulled down all is digital businesses.
However, security chiefs realized that they were conned after lawyers representing Bishop Fred Ntabazi went to court and secured an order declaring him and all his companies bankrupt so that nobody should demand him and his company any money.
“The guy has really eaten clean money from security guys because he knows very well that no security officer can go to court because they were dealing in fake business,” says our source close to some security officers who are victims.
Sources added that the self-proclaimed Bishop is being demanded money worthy shs 10.9Bn.
Bishops’ victims have opened cases against him of obtaining money by false pretense, fraud, theft and many others at different police stations.
Sources say, the conned security chiefs have started hunting for the Bishop undercover to recover their lost money.
This is not the first time sharp Kampala people con security chiefs of their money. In 2014, a city businessman Ronald Muramuzi conned security chiefs over shs 5bn via telex free Company.
Majority of the victims were from Special Forces Group an elite team that takes charge of Presidential security and other members from first Family. Muramuzi was later arrested by police, charged and remanded to Luzira Prison.
The online Company, which has made Security chiefs lose their millions of shilling that they saved for decades of years, was started by one Fred Ntabazi a self-proclaimed Bishop.
Insiders in security say Bishop Ntabazi was introduced to president Museveni by one of his super ministers as a genuine man who has come to do online money business, an ambassador of one coin digital currency in Uganda and he intends to boost lives of many Ugandans through his business.
Sources say, President Museveni accepted and allowed him to operate his business in the country and he started digital businesses that include Crypto Digital Coin, crypto digital Academy and opened up a church at Padre Opio building on Lumumba avenue.
Security sources revealed to us that after Bishop got full authority to transact digital business by President Museveni, he convinced his followers that included security chiefs, city tycoons to join him.
It is alleged that last year in August, he started Forex bureau business where he told his clients to invest shs 10- 100M where he will be giving them 10% profits after every 48 weeks.
According to our sources within security , over 40 high ranking officers from different security agencies sold their assets while others got loans from Banks and invested in crypto Digital Coin company with high chances of getting early profits in a short period of time.
Sources say Bishop first paid them their interest for four times which made security chiefs to believe in him and pursued their colleagues to join him. “After receiving hundreds of millions from security chiefs and city tycoons, he went silent and pulled down all is digital businesses.
However, security chiefs realized that they were conned after lawyers representing Bishop Fred Ntabazi went to court and secured an order declaring him and all his companies bankrupt so that nobody should demand him and his company any money.
“The guy has really eaten clean money from security guys because he knows very well that no security officer can go to court because they were dealing in fake business,” says our source close to some security officers who are victims.
Sources added that the self-proclaimed Bishop is being demanded money worthy shs 10.9Bn.
Bishops’ victims have opened cases against him of obtaining money by false pretense, fraud, theft and many others at different police stations.
Sources say, the conned security chiefs have started hunting for the Bishop undercover to recover their lost money.
This is not the first time sharp Kampala people con security chiefs of their money. In 2014, a city businessman Ronald Muramuzi conned security chiefs over shs 5bn via telex free Company.
Majority of the victims were from Special Forces Group an elite team that takes charge of Presidential security and other members from first Family. Muramuzi was later arrested by police, charged and remanded to Luzira Prison.
Suspected top city con man remanded
https://www.monitor.co.ug/News/National/Suspected-top-city-con-man-remanded/688334-2333306-wfsc0dz/index.html
Sunday June 1 2014
Kampala
Suspected
top city con man accused of fleecing hundreds of people of billions of
shillings in an online money scam was on Friday charged and remanded.
Mr
Ronald Muramuzi, 30, aka Mugisha Bobgan, the manager of Club Rouge in
the city centre, was charged with three counts of fraudulently obtaining
more than Shs 2 billion from online customers.
In a
separate file, Mr Muramuzi is facing two counts of obtaining Shs500
million from one John Bosco Muhiirwe, the director of Mixed Links,
purporting to take youth for jobs abroad.
Buganda Road
Magistrate’s Court on Friday remanded Mr Muramuzi to Luzira prison. He
denied all the charges before Magistrate Simon Kintu.
Mr
Muramuzi was charged with engaging in electronic fraud contrary to
Section 19 (1) and (2) of the Computer Misuse Act, abetment of
electronic fraud, transacting a financial institutions’ business without
licence contrary to Section 4 (1) and 4 (1) of Financial Institutions
Act.
His lawyer, Mr Augustine Iddot, asked court to allow Muramuzi
settle his dispute with Mr Muhiirwe amicably. The magistrate adjourned
the cases to June 18 when the suspect will tell court the terms of under
which he intends to settle the dispute amicably.
Prosecution
alleges that between October 7, 2013, and May 8 this year in Kampala,
Mr Muramuzi and others still at large created a website called
Adfanstic. com which he used to trade in money through electronic
transfers using his agents and conspirators. They sold to hundreds of
unsuspecting customers and received more than Shs2 billion, well knowing
he was committing electronic fraud.
Prosecution
further states that between February, 2013, and February this year, the
suspect and others still at large in Kampala obtained more than Shs500
million from Mr Muhiirwe.
The police say Mr Muramuzi
established more than seven companies and lured people to invest in his
online forex trading, a kind of Ponzi scheme, where each member would
get at least 20 per cent profits from their deposits on a weekly basis.
The companies he allegedly used include Tesco Traders, Telex Free Inc., Massive Ad.com, Bank Electro and United Hype Link.
Court clears Telexfree Boss of Fraud
https://chimpreports.com/court-clears-telexfree-boss-of-fraud/READ:
Helping capitalist thugs fleece the church: The unending woes of Bishop Eddie Long: Documents show warning to Eddie Long over scheme by Ephren Taylor
http://watchmanafrica.blogspot.com/2013/02/helping-capitalist-thugs-fleece-church.html
Atlanta megachurch pastor Bishop Eddie Long ‘preyed upon investors’ faith’
http://watchmanafrica.blogspot.com/2013/03/atlanta-megachurch-pastor-bishop-eddie_12.html
