By Our Staff Reporter

KAMPALA, Uganda
Police and security agencies have opened investigations into an alleged US$450,000 gold fraud involving an Indian-British investor who claims to have lost the money in a failed 20-kilogram gold transaction.

The investigation is being conducted by the Police Mineral Protection Unit, working together with the State House Investors Protection Unit (SHIPU) and other security agencies.

According to preliminary findings released by SHIPU, the investor was allegedly approached with an offer to supply 20 kilograms of gold as part of a gold export deal.

The complainant reportedly paid US$450,000 through a combination of bank transfers and cash, with receipts allegedly issued in connection with the payments. Investigators are also examining a company or entity that was reportedly presented to the investor as the legal representative of the individuals involved.

The investor was allegedly invited to Uganda and neighbouring countries, including Kenya, on several occasions as the parties purportedly attempted to finalise the transaction.

Investigators say that during one of the trips to Kenya, the complainant allegedly travelled after making arrangements for a meeting but was reportedly left without meeting the people involved in the deal.

According to the preliminary investigation, other meetings were allegedly arranged in Germany. Investigators suspect that some of these arrangements may have been intended to delay the transaction while maintaining the investor’s confidence in the deal.

The complainant later reportedly signed contractual documents before being presented with what was purported to be a 20-kilogram gold consignment.

However, subsequent verification allegedly showed that the consignment did not correspond with the terms of the agreement, prompting the investor to seek the intervention of Ugandan authorities.

SFC documents allegedly used

Authorities are also investigating claims that forged documents bearing the letterhead of the Special Forces Command (SFC) were allegedly used during the transaction.

Investigators are examining whether the documents were intended to create the impression that the gold deal had government backing, knowledge or approval.

SHIPU has warned that the use of government identities or documents in fraudulent transactions can have wider consequences beyond financial losses, including damaging the credibility of public institutions and undermining investor confidence in Uganda.

One of the suspects, Abdul Nasur Ikuns, is currently assisting investigators as inquiries continue.

Authorities say the investigation is aimed at establishing the circumstances surrounding the alleged fraud, identifying any other people who may have been involved and tracing funds or other proceeds that could be connected to the suspected offence.

SHIPU warns investors

SHIPU has reiterated its commitment to protecting both Ugandan and foreign investors from fraudulent schemes that could undermine the country’s investment environment.

The Unit has particularly urged investors involved in gold and other mineral transactions to conduct thorough due diligence before committing their money.

Investors have been advised to verify mineral trading and export licences, authenticate transaction documents with the relevant government authorities and seek guidance from recognised regulatory institutions.

The investigation remains ongoing, and authorities are expected to provide further information as inquiries progress.

SHIPU says the case serves as a reminder to investors to independently verify investment opportunities and avoid relying solely on documents, intermediaries or representations presented by individuals claiming to have government connections.

The suspects remain subject to investigation, and the allegations have not yet been proven in court.