The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | The Criminal Investigations Directorate-CID is holding John Mwangutsya, the director of Crypto Bridge African Limited that is suspected to have defrauded Ugandans from different parts of the country of over Sh3 billion.
CID Spokesperson, Charles Twine, 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 bit coins and would credit them in the form of shares virtually.
“The suspect Mwangutsya, who claim 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 block chain technology. These people would also recruit other people from the districts of Kampala, Masaka, Wakiso, Kabarole, Bushenyi, Ibanda, Kagadi, and others,” Twine said.
He explains that these were tasked to also recruit more people who could be asked to buy virtual shares at sh1000 per coin with the promise of making profits.
“People would pay up to sh10 million with the promise of getting 6 percent in a week’s time, so they would lure you to accumulate profits to at least UGX 800,000, then they pay, and you recruit others. After getting their target in billions, they closed the business and vanished,” he said.
Twine explains that Mwangutsya who was reported to police in 2020 after closing the business and disappearing was arrested in Ibanda with plans of escaping to Rwanda on Sunday.
Police are now appealing to the victims of this scam by crypto bridge African limited 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, Twine 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 crypto currency 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,” Twine 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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ensi sinyaangu, bit coin, yem, simanyi dorge coin, kumpi buri kyaalo baatukayo, kati ajakubadiza sente zaabwe? Oba babiveeko?
I think the headline is wrong, crypto has no director. It communicates wrong notions. Otherwise people who participate in crypto like shortcuts which usually end up to be scams.
Crypto doesn’t need intermediaries
The writer is ignorant… of the specifics… Crypto currencies have nothing to do with ONECOIN or John !!! You should make yr research right dear
I think the reporter meant Crypto African Limited Director. Of course yes, crypto as a stand alone word means entirely different monster. Full word being Crypto currency. Bitcoin is the just one of the 1st and the most valuable,.. form of Cryptocurrency, now at $37,000 or thereabouts for 1. That said, take time and learn more: https://t.me/decryptedge.. #Bitcoin & Digital Assets Beyond the Hype! Daily insights, overview and filter summarised #Crypto global updates. Thank you.
Ofcouse ,every thing good has the bad side of it.
That’s why even ugx Fiat currency has been vegued for decades(“ebicupuli”) known by everyone, why ..?cz money is almost everything you can get on the planet besides eternal life guarrant, so cryptcurrency is the digital money to replace the physical Fiat currency sooner, and if am not forgetful ,its now legal in most of the countries like USA, Germany,France, UK etc.
Just make a research today ,one of German’s latest financial institutions applied for authority to permit it to transact ,BTC, Ethereum and digital assets alongside other Fiat money. Including all exchanges and Account oppenings for Crypto assets. And any time ,other Banks have to transform into this digital money transactions whether they like it or not.
Crypto currency is here forever and its changing the world and the main advantage its transparent no corruption and its magically changing the world weather you like or not its here to stay if you are to look at the fiat money it was the main cause of spreading covid 19 and many people died
please exercise the utmost care and be attentive to the latest bitcoin scam – usi tech ceo jicha is now meddling in VOW “ebicupuli” while still hiding from authorities – now living in his daughter’s house in europe – celine jicha 18 maybach rd stutgard 70469 germany, catch ya later!