PLATINUM FRAUD EXPOSED! Loan Shark Ordered to Pay Shs25m for Fraudulent Sell of Client's Car Even After Loan Was Cleared

Shock and disbelief are gripping the financial streets of Kampala after loan shark, Platinum Credit Uganda was caught red-handed in a loan scandal that has left Ugandans questioning what really happens behind those glossy microfinance counters.

In a ruling that has sent tremors through Uganda’s lending industry, Justice Bernard Namanya tore into Platinum Credit for impounding and auctioning borrower Fred Wafula’s Toyota Wish—even after he had cleared his loan.

Wafula, who walked into court a frustrated man, walked out a victorious national symbol of “how to deal with stubborn lenders.” The judge ordered Platinum Credit to cough up Shs 25 million, plus a painful 25% interest until the very last coin is paid.

But it’s the judge’s findings that have set tongues wagging.

According to the ruling, Platinum Credit:

Failed to produce a single document proving the alleged Shs 6.89m loan they claimed Wafula had taken.

Couldn’t account for Shs 8.1m after auctioning the car for Shs 9m when they claimed the borrower owed only Shs 864,242.

Presented an audio recording that the judge declared inauthentic, unverifiable, and inadmissible.

Sold the car months after the borrower had already taken them to court, prompting the judge to call the move “fraudulent.”

The courtroom drama exposed cracks in how micro-lenders operate, with Justice Namanya blasting the company for failing to follow the Moneylenders Act and the Security Interest in Movable Property Act.

Wafula, meanwhile, became the unexpected hero of the day. His “David vs Goliath” victory has lit up social media, where Ugandans are celebrating him as the man who finally made a big lender pay for “using people’s cars like pocket change.”

Financial experts say the ruling sends a strong warning: Lenders can no longer seize people’s property without proper documentation and strict compliance with the law.

As for Platinum Credit? Ugandans are waiting to see if the 25% interest will sting enough to make the lender clean up its act.