Ugandan Parliament Asks To Refund Money Lost In The Dunamiscoins Crypto Pyramid Scheme
Ugandan Parliament Asks To Refund Money Lost In The Dunamiscoins Crypto Pyramid Scheme
January 18, 2020
Ugandan Parliament Asks To Refund Money Lost In The Dunamiscoins Crypto Pyramid Scheme
Ugandan Parliament Asks To Refund Money Lost In The Dunamiscoins Crypto Pyramid Scheme
January 18, 2020

Over 5,000 victims of the alleged cryptocurrency pyramid scheme Dunamiscoins have petitioned the Ugandan Parliament asking to refund money lost in the scam.

On January 16, it has been reported by the Parliament of Uganda that Arthur Asiimwe, the Leader of the petitioning group who presented the request to the Parliament‘s speaker Rebecca Kadaga, claims that the government has licensed the alleged scam firm.

First spotted in early December 2019, Dunamiscoins is allegedly involved in defrauding over 10,000 people, causing them losses of around $2.7 million. The apparent scam company reportedly closed its offices just a month after opening by stealing money from its investors and employees after previously promising 40% returns on cash investments.

Likewise, Asiimwe emphasized that the Ugandan government must be held liable for the Dunamiscoins incident.

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He added:

“Government licensed this company and gave it a go ahead to work as a non-deposit taking financial institution; it carried out its duties as a micro finance company. They gave unrealistic bonuses.”

As two Dunamiscoins Directors stood trial in early January, Asiimwe also pointed out that one of the key individuals behind the scam, Susan Awon, has still remained at large.

The group leader expressed dissatisfaction with the status of the investigation by arguing that Ugandan authorities should take further steps to arrest the third director and refund the money.

Consequently, Kadaga, the speaker at the Parliament, promised to engage with the responsible state authorities in order to solve the issue.

According to the official announcement by the Parliament, she said:

“Since you petitioned the President already, I will talk to him and invite the Minister of Finance, Uganda Micro Finance Regulatory Authority next week so we can forge a way forward.”

While Dunamiscoins victims apparently accuse their government of not taking necessary measures to prevent the scam, some media reports claim that Yoweri Museveni, the President of Uganda, endorsed the firm earlier.

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According to local news publication, the victims told Kadaga that their faith in the company was driven by the President’s endorsement alongside constant media adverts.

Thus, in the meantime, Museveni has definitely taken a positive stance towards both blockchain technology and cryptocurrencies.

Source: |


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.