Kampala gold dealer arrested over sh1.6b "export" deal
It is alleged that during the transactions, Ikuna and others used SFC Special Forces Command (SFC) letterheads in some of the communications to dupe their target into believing that they were originating from the institution and that they were executing the deal on behalf of the government of Uganda.
Abdul Nasir Ikuna was arrested after the investor, Singh Satbinder, reported the matter to Col. Edith Nakalema, the head of SHIPU. (Credit: Eddie Ssejjoba)
KAMPALA - The State House Investors Protection Unit (SHIPU), in collaboration with the Police Mineral Protection Unit (PMPU), has nabbed a Kampala businessman for allegedly conning a British Indian investor of sh1.6b (approx. $450,000).
It is alleged that the dealer, working with others still at large, allegedly promised to secure 5,000 kilograms of gold for the investor in an export deal.
Abdul Nasir Ikuna was arrested after the investor, Singh Satbinder, reported the matter to Col. Edith Nakalema, the head of SHIPU.
It is alleged that during the transactions, Ikuna and others used SFC Special Forces Command (SFC) letterheads in some of the communications to dupe their target into believing that they were originating from the institution and that they were executing the deal on behalf of the government of Uganda. (All Photos by Eddie Ssejjoba)
At the time of publishing this item (Saturday, August 8th), the suspect remained in detention in Kampala.
It is alleged that during the transactions, Ikuna and others used SFC Special Forces Command (SFC) letterheads in some of the communications to dupe their target into believing that they were originating from the institution and that they were executing the deal on behalf of the government of Uganda.
During a press conference organised at SHIPU offices along Lumumba Avenue in Kampala, the unit spokesperson, Brian Vvubya, said that the suspect and others still at large allegedly made a deal to provide 5,000 kg of gold in two instalments but only gave him 1kg.
According to Vvubya, the victim was convinced to invest in gold exports after the suspects convinced him that they were acting on behalf of the government and promised to supply him with 5,000kg.
Vvubya explained that over several transactions, the investor reportedly transferred and paid the money through bank transfers and cash.
“Receipts acknowledging the payments were allegedly issued by the suspects, while part of the transaction was processed through an entity presented as the suspects’ legal representative,” the statement said in part.
It states that the investor was invited to Uganda and neighbouring countries, including Kenya, under the pretext of concluding the transaction.
At the press conference, Ikuna, held under tight security, declined to talk to the press on camera, saying he feared the suspect had a big racket that might harm him.
“At some point, the victim reportedly travelled to Kenya after facilitating travel arrangements of the suspects only to be abandoned in Nairobi without any explanation. They also arranged other meetings in other countries, including Germany, as part of what investigators believe was a calculated scheme to prolong the transaction and build false confidence while conning the victim.”
At the press conference, Ikuna, held under tight security, declined to talk to the press on camera, saying he feared the suspect had a big racket that might harm him.
He later explained that one of the accomplices still at large was introduced to him by a colleague in July 2024, saying that he was a religious person who said he wanted to help children and women. He also informed him that he was once a priest.
“He told me he had commercial contracts which originated from the government and to implement them, he was in touch with people who did not have liquidity but had access to the commodity of gold,” Ikuna further narrated, adding that he set up a trust so that the transactions and profits from the deal would be given to the children and women in Uganda.
“That is how I got involved,” he stressed, adding that months later they made a contract to supply him with 3,000kgs of gold, but would start with a 10kg sample, which was tested at one of the suspects’ offices in the presence of four police officers.
“We had someone who claimed to have come from the ministry who promised to get them a certificate,” he said, adding that although he was not satisfied with the outcome, they, together with him, took a sample to another office in Entebbe; they allegedly confirmed that it was pure gold.
He said he entered several other contracts where they promised, in addition to the undelivered kilogrammes, they would avail him with 2,000kgs, which was never honoured.