Kabale, Rukiga People Conned Millions in Cryptocurrency Scam

Hundreds of people in Kabale, Rukiga and Rubanda are crying foul after being conned millions of shillings to purportedly fraudsters masquerading as associates to Bridge waters stocks the USA an online trading company dealing in cryptocurrencies.

The clients of the company from Kabale District include teachers, businessmen and women, students, and mobile money agents they were lured into investing money in the company with the hope of receiving huge profits after a specified period of time depending on how much one has invested.

According to the company’s guidelines, clients have to invest in one of the packages and they will be able to receive a percentage. The clients also earn a commission when they get more clients for the company.

Each of the investments lasts 60 days and a client can withdraw at most 50% of their accumulated returns between 30 to 60 days of their investment after which the client can then withdraw 100 percent.

According to the victims the scammers led by Brian Musheruzi , Alex Mwesigye alias “Chianga’ and Charles Kamwesiga all residents of Kabale district targeted business people students , police officers, and other groups of people whom they promised to give huge interests daily on their investment.

Edita Atuheire Ahimbisibwe a business woman in Kabale town says that she joined the alleged Ponzi scheme in October last year and deposited UGX 50M she had obtained as bank loan while here husband deposited 28 million which they lost to the fraudsters

Silver Muhangi who operates a phone and accessories shop in Kabale town says that he was convinced by chianga that to join the scheme in which he later lost Ugx 38m

Shallon Niwamanya a primary school teacher says that she met chianga in a fitness club in Kabale from where he convince here to join the scheme where he lost an investment of Ugx 8 m

A 3^rd year student of Kabale University who preferred anonymity y was also referred to the company by a friend with whom they both lost money. He says that he invested his tuition in the business after she received profits for his first investment of Ugx 100,000.

A mobile money agent who preferred anonymity says that she lost 1.6 Million Shillings in four different accounts she had opened with the company. The agent says that she has been forced to close her business.

Godfrey Nyakahuma the Kabale RDC says that he has received several complaints from people against the trio Nyakahuma says that Kamwesiga was last week arrested but later released on police bond as the police investigate the matter

“many traders have lost millions and millions of shillings the man was rested and released on bond because there was concrete evidence that attaches this man to the scene of crime but that one didn’t not stop us to continue with investigations with involvement of our skilled investigators from the cyber crime department of the police if they come out with clear evidence that implicates the m they will be arrested and aligned in court “. Said Nyakahuma

Prof. Augustus Niwagaba an international consultant on economic transformation says that It is very unfortunate that our people in Kabale lost money through bridge waters, a so called online agency that was purportedly operating as a financial institution.

He says that Uganda government only takes responsibility for financial transactions that take place in financial institutions that are regulated by bank of Uganda as Such institutions include among others: Commercial Banks and, Microfinance Deposit taking Institutions (MDIs).

“It is therefore important that you do not take risks to deal with any so called “financial management agency without due diligence on whether the institution is authentic The implication is that you will have no where you are fleeced of your hard earned money But I sympathize with all our people who lost money in Bridge Waters also be always careful when some promises abnormal interests income”. Said Prof Niwagaba.