A Ugandan man Samson Lwanga, has been arrested by police in Uganda for the role he played in a fake crypto investment platform called Dunamiscoins Resources Limited. A report from media platform Daily Monitor says that the company swindled about 10 billion Ugandan shillings – about $2.7 million – from unsuspecting victims.

The company was launched in November and operated out of Masaka city, convincing people to bring their money with the promise that they’d make up to 40% on their investments. Surprisingly, the company was unceremoniously closed down very shortly after it launched and reports have it that the staff showed up one day and found an empty office.

Dunamiscoins received a registration fee of 20,000 Uganda shillings – about $5 – and then received different amounts of money ranging from 1 million shillings (about $271) to 10 million shillings ($2,715). Mr Samson Lwanga is one of four directors of the company, although there’s no word about the whereabouts of the others.

Kampala Metropolitan police spokesperson Patrick Onyango has said that investigations are still ongoing but that Dunamiscoins has expressed a desire to refund investors. Onyango said:

“According to (Samson Lwanga), they are willing to refund the money, but the problem is that the Financial Intelligence Authority froze their accounts and they cannot access or withdraw any money. We are going to get in touch with the Financial Intelligence Authority to prove if what Lwanga is telling us is true on freezing the accounts.”

Just last week, Brazilian police shut down another fake crypto investment platform which had defrauded its victims of about $359 million.

Image Credits: Pixabay

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