Police arrest head of $2.7M Ugandan cryptocurrency scam

Police have arrested one of the directors of a cryptocurrency startup in Uganda that closed suddenly and made off with investors‘ money.

A Mr Samson Lwanga, director of Dunamiscoins Resources Limited, was arrested last week and should appear in court later this week, local news reports.

It’s reported that the scam managed to con 10 billion Ugandan shillings ($2.7 million) out of victims.

The authorities are still on the look out for the other four directors of the company.

Like numerous other cryptocurrency-based scams, Dunamiscoins promised investors and employees large returns in a short space of time. However, after a month, the company shut down its offices, leaving investors in the lurch and employees out of work — many of whom were yet to even start their job.

“We have already opened a general inquiry file and investigations are going on. We recorded statements from the complainants and arrested one of the…