Over 5,000 victims of Dunamiscoins scam seek gov’t help

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Victims of the Dunamiscoins cryptocurrency scam have turned to the Ugandan Parliament for help to get their lost money back.

Dunamiscoins Resource Ltd., a privately owned company that claimed it provided complementary roles to banks, and bridge gaps for the informal sector by providing income for the poor has been the subject of an uproar due to an alleged cryptocurrency pyramid scheme.

Reports state the Dunamiscoins scam collected about 10 billion Ugandan shillings (an equivalent of $2.7 million) from its victims. The company reportedly got investments into the scheme by promising unrealistic returns on investments.

However, the firm’s office closed without warning, leaving investors agitated after it appeared that Dunamiscoins disappeared with their cash.

Two directors of the firm have been arrested, and they were reportedly willing to refund the victims but they claimed the country’s Financial Intelligence Authority has frozen the company’s account.

This prompted over 5,000 alleged victims of the crypto scam to petition the Ugandan Parliament, seeking help on how they can get their investment refunded. Arthur Asiimwe, leader of the petitioners, said the government allowed the firm to operate: “Government licensed this company and gave it the go-ahead to work as a non-deposit taking financial institution. But, it carried out its duties as a microfinance company.”

He added, “They gave unrealistic bonuses. The firm gave interest rates of between 30 and 40 per cent for Shs1 to Shs2 million,” he said.

Asiimwe said the investors want Dunamiscoins’ managing director, Susan Awoni, to be arrested alongside company directors Samson Lwanga and Mary Nabunya.

“We are not satisfied with what the Police report that they have failed to arrest the third director. We request that the Financial Intelligence Authority follows this up and trace where the money is and we are refunded,” Asiimwe said.

Parliament Speaker Rebecca Kadaga promised to consult the government ministries in charge and try to find a solution. He said, “Since you petitioned the President already, I’ll talk to him. I’ll also invite the Minister of Finance, Uganda MicroFinance Regulatory Authority next week so we can forge a way forward.”