Many of the former staff of the exchange believe that in arresting Lwanga and Nabunya, the police went for the soft targets. Although Lwanga, Nabunya, and two others, Susan Awon and Faith Makula, were the registered owners of Dunamiscoins Resources Limited, the beneficial owners of the company; were four West Africans; Kingsley Egbe and Johnson Frank from Nigeria and Isaac Akwete, and a one Dr Mike from Ghana.
Scam Alert; The announcement which was used to dupe Ugandans
Former employees at Dunamiscoins
Resource Centre Ltd, a blacklisted cryptocurrency exchange have hinted that
security agencies opted for soft targets in the scam that saw thousands of
Ugandans lose billions in deposits.
Dunamiscoins was operating a
money lending business with branches in Masaka, Ndeeba, Mbale, Mukono, Lira and
different parts of Kampala.
However, the company closed its offices
abruptly on December 3 after collecting an estimated USD 2.7 million (close 10
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.
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.
In the aftermath two directors of
Dunamiscoins Resources Limited were arrested and arraigned before the Law
Development Centre Court where 65 counts related to obtaining money by false pretense
were read to them. The two are Samson Lwanga, 37 and Mary Nabunya 53, both
residents of Makindye Ssabagabo in Wakiso District.
But many of the former staff of
the exchange believe that in arresting Lwanga and Nabunya, the police went for
the soft targets. Although Lwanga, Nabunya, and two others, Susan Awon and
Faith Makula, were the registered owners of Dunamiscoins Resources Limited, the
beneficial owners of the company; were four West Africans; Kingsley Egbe and
Johnson Frank from Nigeria and Isaac Akwete, and a one Dr Mike from Ghana.
“Before they started, the company
at the beginning of last year, they needed local fronts who would help them
with the paperwork. That’s how they got those four guys and had the company
registered in their names as directors,” One source told us on condition of
When the company was finally done
with the paperwork which included being registered as a Micro Finance Institution,
the real owners came and took over its day to day running.
Apart from Susan Awon who was
appointed the Country Director, the other three were relegated to mere
marketers who mainly earned from commissions as a result of the clients they
brought to the company.
“They were practically
illiterate, on how to run a company. All the work was done by Johnson, Frank
and Susan. True they used to be signatories to the accounts, but that’s where
their role stopped. There was no day that I ever took them a cheque to sign and
they refused,” the employee said.
They at all times acted on the
orders of the real bosses,” another former employee of the company said.
Both Lwanga and Nabunya had no
permanent office at the company. Whenever they were not in the field looking
for clients, they would take refuge in Awon’s office. For their role as
signatories to the accounts, they were paid 1.5million Shillings per month with
a weekly allowance of 300,000 Shillings.
On the other hand, Susan Awon
received 1.5 million Shillings as her monthly salary, 500,000 Shillings in
weekly allowances, 200,000 Shillings for airtime, 300,000 Shillings for lunch
per month, 3 million Shillings in housing allowances and 1.2 million Shillings as transport allowances, even though she also had a driver.
Another employee who worked closely
with Susan Awon’s office says that Awon had a romantic relationship with
Johnson, which gave her unfettered control of what happened in the company. This
former employee also strongly believes that Suzan was part of the inner cable
that fleeced Ugandans.
“A day after Global
Cryptocurrency was closed, she transferred huge sums of money from Centenary
Bank and kept it in her safes in her office. We don’t know how this money was
removed from office but by the time the company closed, this money was long
gone,” the former employee says.
Another employee believes she has
more explanations to do than the two in custody. “The law normally captures the
weak, now Nabunya and Lwanga have become the face of the scam. I’m not saying
they are innocent, because they allowed being used in a scam whether knowingly
or otherwise but I believe they are a small component in the scheme.
Similarly, one of their other colleagues
believes that the police should have put more effort into finding Suzan because
she was the face of the company.”
By the time the bubble burst Suzan,
just like the four West Africans, was long gone from her rented apartment in
Namasuba. Police is yet to find her.
Kampala Metropolitan deputy
police Spokesperson Luke Owoyesigyire, couldn’t comment on the progress of the
investigations because the file relating to the case was transferred to CIID
“Because there were so many people
complaining from across the country, we thought the file should be transferred
to a central place,” Owoyesigyire said.
Sydney Asubo, the Executive
Director of the Financial Intelligence Authority recently disclosed to URN that
the money held in the three accounts wasn’t enough to pay all the claimants
although he declined to disclose the amount.
However, one of the former employees
of Dunamiscoins told us that although her bosses had withdrawn huge sums of
money days leading to the closure of the company, she believes that the three
banks hold nothing less of 10 billion Shillings.
“We used to make at least I
billion Shillings every day that would all be banked. I don’t think all that
money was withdrawn. FIA should tell us how much they are holding in those
accounts,” the source said.
Efforts to speak to FIA’ Asubo
were futile as his known telephone number was switched off in the course of
compiling this story.