{UAH} Nigerian cheats Ugandans in a fake investment deals

Nigerian cheats Ugandans in a fake investment deals

Nigerian business leaves 74 Ugandans counting debts millions

UGANDAVANGUARD.COM

Nigerian cheats Ugandans in a fake investment deals | Uganda Vanguard

By

 Stephen Wandera

 -

August 24, 2018

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Development Channel Company, director, Charles Nwabuikwu Lambert, left in white shirt, with his victims at Kira Road Police Station.

KAMPALA, Uganda, Kira Road Police has arrested a 44-year-old British Nigerian national for allegedly running a grand scam company. Development Channel Company, director, Charles Nwabuikwu Lambert has been arrested in a fraud and money laundering scheme. The arrest came as a result of angry workers of various transport companies trying to set ablaze one of the premises owned by Development Channel Company as they forced their way in to lynch the Company Director Charles Nwabuikwu faulting him over their unpaid arrears.

According to Kampala Metropolitan Police spokesperson, Mr Luke Luke Owoyesigyire, the transporters told police that, Development Channel had since October hired a total of 63 Prados to ferry various dignitaries around different parts of Uganda promising the owners daily income.

"However after accumulating profits the company decided to channel the monies into other ventures leading to an accumulation of Shs127 million debt," he said August 24th 2018.

Mr Owesigire further explained, "Upon being contacted in regards to their payments, the company director fed the angry creditors on a number of excuses sparking off a scuffle and the consequent response by Kira Road Police to solve the concern. According to some of the complainants who requested not to named, the company perpetrated a complex scheme under the guise of a poverty alleviation company aimed at empowering Africans with a lifetime payment in a ruse designed to defraud victims located throughout Uganda.

Investigations reveal the company has been placing advertorial posts on media, infiltrating soft spot areas like schools, hospitals, churches inviting both skilled and non-skilled job seekers promising a hefty pay.

Following the intelligence led information provided by dissatisfied clients, police detectives carried out an investigation which revealed shocking ways of how hundreds of citizens had been duped into investing in a scam business.

The company marketeers lure the unsuspecting victims into buying iPads known as No Drop Out to Ugandans at US$278 (Shs1,042,135.53) after which the buyer fills a form and gets a profit sharing certificate. The victims are then a falsely promised of a guaranteed monthly payment of US$ 100, (Shs370,000) for the rest of his life six months after receiving their profit sharing certificate.

One university graduate, also identified as a complainant told officers that he had been duped into buying a substandard tablets in return was provided with a certificate of share ownership however had now taken eight months without receiving the promised dividends on his account.

Upon arrest, Charles Nwabuikwu admitted to having diverted the funds in a bid to expand the company and requested the complainants to be patient with him and agreed on period of time to pay back their money.

The DPC Kira Road, Michael Kasigire has assured the victims that the suspect is to be prosecuted. A total of 74 clients have been duped in the scam.

Mr Owoyesigyire warned the public against scamming companies that are constantly looking for new ways to fleece unsuspecting victims out of their hard earned cash.

"Such companies always invite, entice people to invest money into their various schemes, then recruit other people to form an investment chain and subsequently collapse when they run out of new recruits or when they fail to pay the promised benefits," he said.

He added, "People should not believe in everything that upcoming too good to be companies offer, especially before running a thorough background check on their credibility."

Mr Owoyesigyire said Police is working with various regulatory bodies like Capital Markets Authority, the Uganda's regulator of equity and securities to ensure the concerns of the aggrieved clients are settled.

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