More Than 5,000 Ugandan Citizens Petitioned Parliament Over Crypto Scam

By Kapil Gauhar

More than 5,000 Ugandan citizens have reportedly filed petition to Parliament following a high-profile cryptocurrency scam by Dunamiscoins Resource Ltd.

As indicated by the reports by KMA Updates, over 5,000 Ugandans have submitted a petition seeking a refund over the money their had invested in Dunamiscoins, that, all of a sudden, shuttered in December last year. The fraudulent cryptocurrency firm billed itself as a privately owned firm claimed that it was committed to offering complimentary cryptocurrency services to the banks aiming to benefit the low income as well as poor people.

Later in December 2019, Dunamiscoins’ bank account was, without any further discussion, was frozen, with petitioners claiming and arguing that more than UGX 23 billion, that counts as much as $6.2 million in US Dollars, in client funds was locked in the company.

The de facto leader of the petitioners, Arthur Asiimwe, told the Speaker as well as members of the Parliament –

“[The] government licensed this company and gave it the go-ahead to work as a non-deposit taking financial institution; it carried out its duties as a microfinance company. They gave unrealistic bonuses.”

He along with some other petitioners argued that the company was operating as a microfinance firm in spite of being registered as a non-deposit financial institution. However, the two of the Dunamiscoins’ three directors have been arrested, the Managing Director Susan Awoni is still at large.

Asiimwe continued saying –

“We are not satisfied with what the Police report that they have failed to arrest the third director. We request that the Financial Intelligence Authority follows this up and trace where the money is and we are refunded.”