NationalNews

EXPOSED! Police Names Nine Fake Companies Offering Abnormal ‘Profits’

By Our Reporter

 

NATIONAL

 

Police has named eight other Ponzi Scheme companies on top of CAPITAL CHICKEN which is still under investigation for allegedly defrauding unsuspecting citizens of over Shs5Billion.

 

The Eight are; Veta plan, Mall Fund, Great Wealth Youth Platform Africa, Cashmulla, Pio Crypto, Premium Clusters, Contract Kapital and Pacs Capital Limited.

 

In a press statement issued today, Police says they are continuing to investigate circumstances under which several victims were defrauded to a tune of Ugx 5 billion, by Capital Chicken Limited.

 

Police says the victims were offered profits as returns, through an online investment contract, at an attractive interest rate of 40 – 60%.

 

“The company is being investigated for operating a business of fund management without a licence, operating without an investment advisors licence and for obtaining money by False Pretence,” says the police statement.

 

The Force goes ahead to warn the public about other Ponzi Companies in the market, some of which are under investigation by CID in coordination with the Capital Markets Authority.

 

Police says that for example, under Cashmulla, a user deposits Uganda shillings 17,000, and is encouraged to invite other users and earn a commission from users under them, which is a classic pyramid scheme tactic. The user cannot recover or withdraw their money.

 

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