A suspected gold deal worth US$450,000 has turned into a high-profile fraud investigation, exposing what authorities believe was an elaborate scheme involving fake promises, cross-border meetings and forged government documents. As detectives dig deeper, the State House Investors Protection Unit (SHIPU) is warning investors to exercise extreme caution when venturing into Uganda’s lucrative mineral sector.
The Police Mineral Protection Unit, working with SHIPU and other security agencies, is investigating an alleged gold scam involving an Indian-British investor who claims he was defrauded of US$450,000 in a purported deal for 20 kilograms of gold.
According to the SHIPU Senior Information Technology and Public Relations Officer, Bryan Henry Vubya, preliminary investigations indicate that the investor was persuaded to enter the transaction after being promised the delivery of 20 kilograms of gold.
Investigators say the complainant paid a total of US$450,000 through bank transfers and cash payments, with receipts allegedly issued by the suspects. Part of the money was reportedly channelled through an entity presented as the suspects’ legal representative.
Authorities allege the investor was repeatedly invited to Uganda and neighbouring Kenya under the guise of finalising the transaction. In one instance, he reportedly travelled to Kenya after making arrangements for a meeting, only to be abandoned by the suspects.
The investigation has also uncovered meetings that were allegedly scheduled in Germany, which detectives believe were intended to buy time while reinforcing the impression that the transaction was genuine.
The investor later signed contractual documents and was presented with what was claimed to be 20 kilograms of gold. However, further verification reportedly revealed that the consignment did not match what had been agreed upon, prompting him to seek help from Ugandan authorities.
Detectives are also examining allegations that forged documents bearing the letterhead of the Special Forces Command (SFC) were used to falsely suggest the deal had official government backing.
Authorities warn that such schemes, if proven, not only inflict heavy financial losses on investors but also threaten Uganda’s reputation as a destination for legitimate investment.
One suspect, Abdul Nasur Ikuns, is currently assisting investigators as authorities work to establish the full extent of the alleged fraud, identify any accomplices, and trace the funds linked to the suspected crime.
SHIPU has urged investors in the mineral and gold trade to carry out thorough due diligence, verify licences and documentation with the relevant government authorities, and seek guidance from recognised regulatory agencies before committing any money.
Investigations remain ongoing, with more updates expected as the inquiry progresses.