Home Scam Dunamiscoin scam: Ugandans petition govt for lost investments

Dunamiscoin scam: Ugandans petition govt for lost investments

Victims of the alleged dunamiscoin scam have petitioned the Ugandan parliament demanding that their lost investments be refunded. 

The leader of the petitioning group, Arthur Assimwe who presented the request to the parliament’s speaker, Rebecca Kadaga said the government licensed the scam firm. 

Dunamiscoins Resource Ltd is a private firm that accepted deposits before and provides complementary roles to banks, bridging gaps for the informal sector by providing income for the poor.

All of a sudden in December, the private firm began closing shops and making away with customers and investors money. The company is said to have defrauded around 10,000 people and make them loose around $2.7 million. 

Still in its infancy, Dunamiscoin just began operation in Nov 2019 and began closing in Dec, stealing money from its investors and employees after promising around 40%  profit on cash investments. 

Assimwe, the head of the petitioners has continued to blame the government for the scam claiming that the government licensed the firm. 

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

As two Dunamiscoins directors, Samson Lwanga and Mary Nabunya stood trial in early January, Asiimwe also pointed out that one of the key individuals behind the scam, Susan Awon, has still remained at large.

Arguing that authorities should take a further step and arrest the third director so a refund could be possible, Assimwe expressed dissatisfaction. 

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,” Asiimwe said.

Reportedly, Ugandan President, Yoweri Museveni personally endorsed the company which made victims keep faith in dunamiscoin alongside constant media advert. 

Meanwhile, Museveni has taken a positive stance towards both blockchain technology and cryptocurrencies. Back in 2018, the President met with executives at major global crypto exchange Binance to discuss the developments in the industry.

However, Speaker Rebecca Kadaga promised to engage the responsible government ministries and try to find a solution to the problem.

Since you petitioned the President already, I will talk to him and invite the Minister of Finance, Uganda Micro Finance Regulatory Authority next week so we can forge a way forward,” Kadaga said. 

Ugandan presidency has, however, not yet said anything regarding the event and the alleged endorsement of Dunamiscoins. 

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Muhaimin Olowoporoku
Muhaimin is a journalist and a crypto enthusiast. He believes in the Africa project and sees blockchain technology as a possible solution alongside developmental journalism

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