The Independent Uganda: You get the Truth we Pay the Price
Lira, Uganda | THE INDEPENDENT | Hundreds of people in Lira city have been conned by Power Forex International, an online trading company.
The clients of the company from Lango, Acholi, and West Nile sub-region include teachers, businessmen and women, students, and mobile money agents. They were lured into investing money in the company with the hope of receiving huge profits after a specified period of time depending on how much one has invested.
According to the company’s guidelines, clients have to invest in one of the packages and they will be able to receive a percentage. The clients also earn a commission when they get more clients for the company.
Each of the investments lasts 60 days and a client can withdraw at most 50% of their accumulated returns between 30 to 60 days of their investment after which the client can then withdraw 100 percent.
Patrick Emot, a resident of Lira city invested 30 Million Shillings after confirming that the company is genuine and that he would access his profits.
Gladys Anena, a student of Fountain Aid Institute in Lira was also referred to the company by a friend with whom they both lost money. Anena invested her tuition in the business after she received profits for her first investment of 100,000 Shillings.
A mobile money agent who preferred anonymity says that she lost 1.6 Million Shillings in four different accounts she had opened with the company. The agent says that she has been forced to close her business.
Godwin Adriko from Arua district in West Nile, had invested over 6 Million Shillings when he was tasked to mobilize the people as a coordinator for West Nile with a promise of making more money.
Jimmy Patrick Okema, the North Kyoga Police Spokesperson says that more than 100 people have so far recorded complaints against the company. He adds that the police on Monday arrested three officials of the company, Herbert Nuwagaba, the company’s Chief Executive Officer, Rogers Tamale, and Moses Mutesesira, both staff and charged them with fraud and obtaining money by false pretense.
Power Forex International deals in forex trading, stock marketing, forex trade training, credit services, and marketing research and development.
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