December 2, 2022

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Dozens suffer losses in Sham cryptocurrency scheme in Masaka

2 min read

Dozens of people in Masaka district are counting losses after investing in a sham a cryptocurrency business scheme. DUNAMISCOIN Resources Limited opened in Masaka town on November this year and started enrolling clients on its digital currency network.

However, several people are crying foul after learning that the company, which has been operating on Laston Business Centre in Masaka town has closed shop.

Joseph Musiitwa Natakemula, who operates a boutique next to the closed offices, says they found the offices empty when they turned up work for work on Thursday.

He explains that the company employees have been luring several people to join their network with promises of up to 40 percent interest on their cash deposits.

Musiitwa says the company has been recruiting clients through mobile money agents around town who would direct clients to their office.

He says besides directly obtaining money from unsuspecting clients, Musiitwa says that the company had also recruited at least 50 local employees to work as Marketing Executives, Cashiers, Marketing Managers, Offices Assistants, Receptionists and Banking Managers among others.

John Marry Ssemujju, who is in his senior six vacations, has been working as a Sales Person for DUNAMISCOIN Resources Limited.

He says the company fleeced them of all the money they paid for interviews and registration, with promises of paying them high interest in dollars.PROMOTED CONTENT

He explains that besides luring them to open accounts with the company, each of the applicants was asked to pay Shillings 20,000 for registration, only to find the office deserted the following morning when they turned up for work.

Herman Ssentongo, the Masaka Resident District Commissioner has ordered for security surveillance of the company offices in a bid to apprehend some of the operators to help them recover the lost money.

He has called upon all victims to come out and register complaints with security to help them follow up the matter.

Our efforts to speak to any official of DUNAMISCOIN Resources Limited failed to yield results as all phone contacts on their marketing brochures are unavailable.

Notably, Bank of Uganda has severally warned Ugandans to be extra cautious with such Ponzi schemes, saying they are not regulated and monitored in the country.

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