June 24, 2022

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Dunamiscoins scam victims seek compensation from government

2 min read

Victims of Dunamiscoins Resource Centre Ltd, a blacklisted cryptocurrency exchange have petitioned parliament, in a fresh push for compensation for monies lost in the scam.

These were part of the thousands of Ugandans who lost their money to the exchange which was operating a money lending business with branches in Masaka, Ndeeba, Mbale, Mukono, Lira and different parts of Kampala before it abruptly;y closed at the beginning of last month.

Records indicate that more than 1,000 customers from around the country had deposited money ranging from one million to 800 million Shillings, upon being promised a 40 per cent return on investment. At the time of its closure, the company had collected an estimated 10 billion Shillings from the public.

The closure came days after the Financial Intelligence Authority had frozen three bank accounts of the company found in Centenary Bank, Stanbic Bank and GT Bank.

Now the victims fault the government for clearing a fraudulent firm to operate in Uganda. They are demanding that the government takes responsibility to compensate all persons who had deposited their money with the exchange.

Godfrey Katongole, a businessman who works in Qualicel building in Kampala says he invested in 100 million Shillings with the company.

Christine Mutoni, a vendor from downtown Kampala who invested over 10 million Shillings shed tears before the Speaker alongside other women calling for the government to help them recover their investment.

Authur Asiimwe, another victim says that at first when they joined the company, they were getting the 40 per cent return on investment. Unfortunately, he adds, the company closed after he and his friends opted to increase their investment.


He says he is currently stuck with friends whose lives are in danger because they picked loans and invested in a scam. Asiimwe says that he had personally invested 93 million Shillings at the time Dunamiscoins closed shop.

Sam Lubega, another Victim who lost five million Shillings in the scam faults the government for being cagey about the amount of money on the frozen accounts.

The victims told the Speaker of Parliament Rebecca Kadaga that their faith in the company was driven by president Yoweri Museveni’s endorsement of the company’s activities and the unceasing media advertisements and campaigns.

The team has also written to the President, seeking his intervention in the matter. The Speaker of Parliament Kadaga told the team that she would meet the President and give them feedback on the way forward.

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