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Cryptocurrency company director arrested over defrauding Ugandans of Shs 3bn
January 31, 2022 Written by URN
John Mwangutsya, the director of Crypto Bridge African Limited has been arrested by the Criminal Investigations Department (CID) on suspicion of defrauding Ugandans of over 3 billion.
CID
spokesperson Charles Twiine, says Mwangutsya reportedly defrauded more than
1,000 Ugandans through online digital transactions between 2018 and 2020 before
vanishing.
According to police, the suspect advertised through various print and
electronic media that his company was involved in online businesses for
various individuals through the sale of bitcoins and would credit them in the
form of shares virtually.
“The suspect Mwangutsya, who claims that the business was legitimate, recruited
several people as leaders purportedly on behalf of a Bulgarian firm
called One Life company that operates mobile wallets under
the blockchain technology. These people would also recruit other
people from the districts of Kampala, Masaka, Wakiso, Kabarole, Bushenyi,
Ibanda, Kagadi, and others,” Twiine said.
He explains that these were tasked to also recruit more people who could
be asked to buy virtual shares at Shs 1,000 per bitcoin with the promise of
making profits.
“These people could pay like Shs 10 million with the promise of getting 6 per
cent in a week’s time, so they would lure you to accumulate profits to at least
Shs 800,000, then they pay, and you recruit others. After getting their target
in billions, they closed the business and vanished,” he
said.
Twiine explains that Mwangutsya who was reported to police in 2020 after
closing the business and disappearing was arrested in Ibanda with plans of
attempting to escape to Rwanda yesterday Sunday.
Police are now appealing to the victims of this alleged scam to come forward
and give their testimonies to the CID headquarters that will help in the
prosecution of Mwangutsya for obtaining money by false pretense.
Although police are going to prosecute the prime suspect, Twiine explains that
it is not easy for the detectives to recover such huge sums of money that was
defrauded two years back.
“It is inherently very hard to recover this money, which has been spent over
about two years. Ugandans should know that the transactions of cryptocurrency
in Uganda are not regulated by any institution or any legal framework,
therefore in the event of fraud, it is hard to do litigation or recovery,”
Twiine stated.
Adding that, “Ugandans need to know that some of this money that is illicit and
illegitimate is sometimes associated with terrorism, so it will be unfortunate
for you to give money to an agent of terrorism to come and destabilize your
country."
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