According to the local news, Uganda Police arrested one of the directors of crypto startup Dunamiscoins Resources Limited which has reportedly duped thousands of individuals.

While the arrested director is expected to appear in a court later this week, the police are hunting four more directors of the company. It was reported that the scam firm fleeced thousands of Ugandans of about 10 million Ugandan shillings which approximately accounted to $2.7 million US Dollars. A police spokesperson said that;

“We have already opened a general inquiry file and investigations are going on. We recorded statements from the complainants and arrested one of the directors called Samson Lwanga who is currently detained at Old Kampala Police Station,” 

Dunamiscoins appeared as a pure scam, promising high-returns on investment. Like in numerous scam project, founders of  managed to con millions of dollars from the investors. However, it was reported that the firm operated pretty well for a month and later ran away with investor’s money, causing unemployment and leaving investors in a staggering situation.

Upon arrest, the director of the company appears to be agreeing to refund but states that their accounts have been frozen by the Financial Intelligence Authority. However, authorities are still investigating the matter. Reports unveiled that Dunamiscoins began its operation in March and gotten off the hands of investors last week. But according to Mr. Lwanga, arrested director of Dunamiscoins, most of the victims invested every month when they first started the crypto-based scam project.

Moreover, the company has had its branches in several cities such as Ndeeba, at Freedom City in Namasuba and other districts such as Mbale, Masaka, Mukono, and Arua. More so, an author of Daily Monitor claims that he attended “a secret meeting” where victims discussed the loss they occurred after investing in Dunamiscoins – he said that he heard an Indian victim said, “he had lost Shs250 million in the crypto scam”. In addition, this scam crypto startup appeared as the largest scam in Uganda as per the local media report.

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