News
Euro Gold Refinery boss released on police bond over sh13b gold scam
New Vision online has learnt that Feni was released on Friday, October 2, 2026, alongside another suspect, only identified as Agaba, a forex handler who reportedly initiated payments to the suspects from the victim’s dollar wallet account.
Euro Gold Refinery Chief Executive Officer Benard Feni. (Courtesy photo)
By: Charles Etukuri, Journalist @New Vision
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Euro Gold Refinery Chief Executive Officer Benard Feni has been released on police bond following his arrest over a gold scam in which a Dubai-based investor lost sh13b.
New Vision online has learnt that Feni was released on Friday, October 2, 2026, alongside another suspect, only identified as Agaba, a forex handler who reportedly initiated payments to the suspects from the victim’s dollar wallet account.
Feni and Agaba were arrested on September 8, 2026, following a directive by President Yoweri Museveni over an alleged $3.5m (sh13b) fake gold scam.
They were arrested alongside a Uganda Peoples Defence Forces officer, Maj. Nicholas Ntakirwa, former Duck Hunters Security chief Ali Mohammed and a one Trevor Besigye.
This was after Sudanese nationals, who are based in Dubai, claimed they lost about sh13b after a gold consignment stored at Duck Hunters Security Company disappeared.
Several suspects are currently on the run after the Special Forces Command and Defence Intelligence and Security (DIS) joined the State House Anti-Corruption Unit (SHACU) and police in probing the matter.
In his letter to the Inspector General of Police, Abas Byakagaba, President Museveni said he had received a letter dated June 29, 2026, from two gold buyers: Gafar Ibrahim and Nagi Mohammed.
“In this letter, they give a long story of how hundreds of thousands of dollars were stolen from them by fraudsters whom they later on reported to a host of security personnel, Col. Edith Nakalema (State House Investors Protection Unit), Brig. Gen. Henry Isoke (SHACU), Crime Intelligence, DIS, Police, etc. All these have not helped them. One of the suspects is, ‘Gen. James’, who turned out to be Ntakirwa,” Museveni said.
The President added; “This is, therefore, to direct you to personally oversee the investigation of this scam, apprehend these criminals and recover their money. I give you two months to solve this problem if the accusers are saying the truth.”
Several suspects are currently on the run after the Special Forces Command and Defence Intelligence and Security (DIS) joined the State House Anti-Corruption Unit (SHACU) and police in probing the matter.
In his letter to the Inspector General of Police, Abas Byakagaba, President Museveni said he had received a letter dated June 29, 2026, from two gold buyers: Gafar Ibrahim and Nagi Mohammed.
“In this letter, they give a long story of how hundreds of thousands of dollars were stolen from them by fraudsters whom they later on reported to a host of security personnel, Col. Edith Nakalema (State House Investors Protection Unit), Brig. Gen. Henry Isoke (SHACU), Crime Intelligence, DIS, Police, etc. All these have not helped them. One of the suspects is, ‘Gen. James’, who turned out to be Ntakirwa,” Museveni said.
The President added; “This is, therefore, to direct you to personally oversee the investigation of this scam, apprehend these criminals and recover their money. I give you two months to solve this problem if the accusers are saying the truth.”
Museveni wondered who licenses the gold traders. "Is it correct for a country to have numerous gold traders? Would it not be better to have few gold traders, preferably, those with refineries that would be accountable, well known and not too many to monitor?”
The President directed the Minister of Minerals (Dr. Monica Musenero) to address the issue of numerous gold dealers.
"These crooks are using the sacrifices of Uganda Peoples Defence Forces to create peace in Uganda to commit these crimes involving gold from neighbouring countries where they cannot operate because of insecurity. In so doing, they are damaging the image of Uganda as an investment destination,” Museveni stated.
Highly placed security sources who spoke to New Vision, however, noted; “We want him (Feni) to bring his staff, a one Sam who allegedly processed the alleged fake gold in his refinery.”
His release comes in the wake of a similar complaint over gold fraudsters filed by another investor, a German national called Christian Arndt. The German investor filed his complaint with the Police Mineral Protection Unit after he reportedly lost $1.4m (sh5b) to suspected gold scammers who were reportedly introduced to him by a senior lawyer, Peter Musoke, a former partner at Shonubi, Musoke and Company Advocates.
In an exclusive interview published in the Weekend Vision, the lawyers indicated that some of those who picked money from the investor included officials from Euro Gold Refinery and Duck Hunters Security Company, and that they later threatened him with death should he pursue the matter.
The President directed the Minister of Minerals (Dr. Monica Musenero) to address the issue of numerous gold dealers.
"These crooks are using the sacrifices of Uganda Peoples Defence Forces to create peace in Uganda to commit these crimes involving gold from neighbouring countries where they cannot operate because of insecurity. In so doing, they are damaging the image of Uganda as an investment destination,” Museveni stated.
Highly placed security sources who spoke to New Vision, however, noted; “We want him (Feni) to bring his staff, a one Sam who allegedly processed the alleged fake gold in his refinery.”
His release comes in the wake of a similar complaint over gold fraudsters filed by another investor, a German national called Christian Arndt. The German investor filed his complaint with the Police Mineral Protection Unit after he reportedly lost $1.4m (sh5b) to suspected gold scammers who were reportedly introduced to him by a senior lawyer, Peter Musoke, a former partner at Shonubi, Musoke and Company Advocates.
In an exclusive interview published in the Weekend Vision, the lawyers indicated that some of those who picked money from the investor included officials from Euro Gold Refinery and Duck Hunters Security Company, and that they later threatened him with death should he pursue the matter.