RATE Group | Crypto Pyramid Scheme in Uganda Steals Employees’ Money and Closes
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Crypto Pyramid Scheme in Uganda Steals Employees’ Money and Closes

07 Dec Crypto Pyramid Scheme in Uganda Steals Employees’ Money and Closes

Posted at 02:04h in Cryptocurrency News by

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An alleged cryptocurrency pyramid scheme in Uganda has fled after defrauding dozens of victims that invested in and worked for the scheme.

Dunamiscoins Resources Limited opened in Masaka last month and started inviting individuals to invest and become part of its “digital currency network,” independent Ugandan newspaper Daily Monitor reports Dec. 5. The firm’s offices closed down covertly just a month after opening, with employees reportedly coming to the office to find it empty.

Dunamiscoins required employees to pay to start work

A businessman who worked next to Dunamiscoins’ closed offices reportedly said that Dunamiscoins was convincing people to join its firm by promising 40% returns on cash investments. According to the witness, the firm was apparently working with money transfer companies in the city to recruit new people to the scheme.

Additionally, Dunamiscoins allegedly asked each applicant to pay 20,000 Uganda shillings ($5) to register with the company. According…

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