By Michael Odeng
A city businessman, Ronald Muramuzi who is battling charges of electronic fraud and transacting financial institutions business without a license has been released on bail.
This afternooN, Buganda Road Court grade one magistrate, Simon Kintu Zirituusa granted the suspect sh300m non cash bail after presenting three substantial sureties in court. He deposited his passport, LC letter and a copy of the land title which is yet to be verified by the land commission.
His sureties were bonded on sh200m non cash bail each. They include brother Edward Barijje, legal advocate Richard Karuhanga 40 and doctor Chris Katibalirwe 46.
“I will release you on bail since it is your constitutional right to receive it but make sure you attend court proceedings whenever called upon,” Kintu said.
Muramuzi, 30 who denied the charges also face charges of electronic fraud and obtaining money by false pretense with an alternative count of abetting electronic fraud.
Muramuzi, also the brain behind TelexFree and Ad fast cyber schemes, is alleged to have created a website called Adfastinc.com and carried out electronic fraud which cost victims over sh2b.
In addition, Muramuzi allegedly in the same period deliberately sold electronic money (e-money) to his agents and co-conspirators to sell to unsuspecting 112 individuals who wanted to join his online company when he very well knew that he was committing electronic fraud which cost the victims over sh2b.
It is further alleged that Muramuzi in the same period received deposits of over sh2b from various people disguised as ‘packages’ with a promise to pay weekly interest without a license granted by Bank Of Uganda (BOU).
Prosecution also alleges that Muramuzi alias Mugisha Bobgan and others still at large between February 7, 2013 and February 7, 2014 in Kampala obtained sh562m from John Bosco Muhirwe, the director of mixed links on pretense that he was taking youths for jobs abroad whereas not.
The police recently seized alleged documents linking Muramuzi to the scam where over 600 people were conned out of billions of shillings.
Muramuzi also reportedly operated Bank Electrico and Massive Ads.com and Wide Movers, an employment agency which police claim he used to con his unsuspecting clients out of huge sums of money in bogus job scams abroad.
The police said that to invest in Adfast Inc, one had to deposit money in dollars in an online bank account from which one would generate profits on weekly basis depending on the packages one has subscribed.
The case was adjourned to July 7, for mention.