Sh500m gold scam: Businessman remanded over scamming Malaysian

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A businessman has been remanded over allegedly defrauding a Malaysian investor of more than shillings 500 million in a gold scam.

James Ssentumbwe aka Brian Luis Mutunwene, 30, a businessman and resident of Craft village Bwebajja in Wakiso district, was on March 4, 2026, arraigned before Makindye Chief Magistrates' Court, charged and remanded.

His charges are alongside Adams Yawe Kibuye, whom the court issued criminal summons against.

The accused was arrested by the State House Anti-Corruption working with the Police on allegations that Ssentumbwe, Kibuye and others, still at large in January 2026 at Munyonyo Makindye Division in Kampala, with intent to defraud $150,000 (about shillings 500 million) from Malaysian national Kon Kim Kheon purporting that the same was for purchase and exportation of 50kg of gold whereas not.

He was charged with the offence of obtaining money by false pretence, which is contrary to Section 285 of the Penal Code Act Cap 128.

During investigations, the suspects were allegedly found carrying out refining, smelting, processing and trading in minerals without a license, contrary to Section 251 (1) (b) of the Mining and Minerals Act cap 159.

The charge sheet read before the court stated that Ssentamu and others, still at large during January 2026 at the offices of Hey Transporters and Logistics at Lweza Lubowa in Wakiso, were found carrying out refining, smelting, processing and trading in minerals without a license.

Court further charged him with conspiracy to defraud, where it's alleged that the accused person and others still at large conspired to defraud Kon Kin Kheong of $150,000, purporting that the same was for exportation of 50kg of gold to Dubai, whereas not.

This is Contrary to Section 289 of the Penal Code Act cap 128.

Further, the accused was charged with forgery.

It is alleged that between 2024 and 2026, in the areas of Kampala district, with the intent to defraud or deceive, a false document, to wit, State House identity card number 1235 in the names of Kibuye Adams Yawe, designation as political mobiliser with expiry date of December 31, 2029 purporting that it was issued that State House of Uganda whereas not.

Ssentumbwe appeared before Magistrate Charles Opio and pleaded not guilty to the charges. 

Jemima Achiro, for the state, told the court that investigations are still ongoing and need time for further investigation.

He was remanded to Luzira prison until March 6, 2026, for hearing the bail application.