Home » Ugandan Police Arrest Director of $2.7M Ponzi Scheme

Ugandan Police Arrest Director of $2.7M Ponzi Scheme

Ugandan police have arrested one of the four directors of crypto pyramid scheme Dunamiscoins Resources Limited. Samson Lwanga was seized by the Kampala Metropolitan police on December 9.
news - Ugandan Police Arrest Director of $2.7M Ponzi Scheme

Ugandan police have arrested one of the four directors of crypto pyramid scheme Dunamiscoins Resources Limited. Samson Lwanga was seized by the Kampala Metropolitan police on December 9.

The cryptocurrency scam involved over 10,000 people and reportedly managed to defraud victims of 10 billion Ugandan shillings ($2.7 million). Most of the victims invested sums between $271 and $2,715.

news - Ugandan Police Arrest Director of $2.7M Ponzi Scheme

According Lwanga, they are willing to refund the money, but the problem is their accounts were previously frozen by Financial Intelligence Authority. And they cannot access or withdraw any money. 

Earlier this year, Dr. Louis Kaskende, the Deputy Governor of the Bank of Uganda, warned potential investors about the limited protections offered when investing in unregulated cryptocurrencies. 

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