Directors Of Dunamiscoin Faces Trial Over Alleged Crypto Pyramid Scheme

Directors Of Dunamiscoin Faces Trial Over Alleged Crypto Pyramid Scheme

cryptocurrency
January 8, 2020 by cryptogavel
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Two embattled directors of Dunamiscoin have been arraigned before the court on Monday, 6th of January , 2020 over an alleged cryptocurrency pyramid scheme in Uganda for a 65 count charges bothering on obtaining money by false pretense. Report had it that the prosecutors had logged over 4000 complaints against Dunamis Resources Limited. Dozens of
Directors Of Dunamiscoin Faces Trial Over Alleged Crypto Pyramid Scheme

Two embattled directors of Dunamiscoin have been arraigned before the court on Monday, 6th of January , 2020 over an alleged cryptocurrency pyramid scheme in Uganda for a 65 count charges bothering on obtaining money by false pretense.

Report had it that the prosecutors had logged over 4000 complaints against Dunamis Resources Limited. Dozens of people have been reported to have fallen victims of the scheme to the tone of about $37,600 through promising them of extraordinary returns on their investments.

Prior to now, an earlier report had it that the collapse of the scheme affected over 10,000 persons resulting in the ill-gotten fund of $2.7 million.

The two suspects, Samson Lwanga,37 and Mary Nabunya, 53, both directors of the now-defunct Dunamiscoins Resources Ltd upon arraignment, pleaded guilty to the charges.

One of the complainants(lead complainant), Haruna Asiimwe told reporters that he had been deceived into investing money on the promise of 30% interest  returns withing 21 days and when the firm abruptly crashed by early December, 2019, him and other investors were left empty pocketed.

According to a statement by the Uganda police, Dunamiscoin directors had claimed they were intending and willing to refund investors if not for their primary account with the local banks that had been frozen by the Financial Intelligence Authority .

Both directors are presently being remanded in police custody in Luzira prison where they will remain until the 22nd day of January 2020, when their matter will come up once again in court for mention.

Also informative is that upon arrest, Lwanga revealed that most of the investors had deposited sums ranging between $270 to $2,710 .

The Deputy governor of the bank of Uganda ceased this opportunity to also reiterate and emphasize on the limited security and protection offered to investors when they invest in unregulated currrencies. He thus warned the people to be careful and desist from blind investment.

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