Businessman remanded over sh102m investment scam

A 30-year-old man has been charged and remanded to Luzira Prison over allegedly conning four persons of sh102m.

Arthur Asiimwe, a businessman, was on Monday arraigned before Buganda Road Court and charged with electronic fraud and obtaining money by false pretence.

He is battling the charges under section 19 of the Computer Misuse Act and section 305 of the Penal Code Act Cap 120.

Prosecution led by Barbra Kyomugisha alleges that Asiimwe, a resident of Kumukaga, Gayaza in Wakiso district, and others still at large on August 9, 2017, at Padre Pio House located on Lumumba Avenue in Kampala with intent to defraud, obtained sh8m from Annet Kagume.

"Asiimwe knowingly and deliberately, using a communication infrastructure via a computer network, caused Kagume to give him sh8m alleging that he was going to invest the said money on her behalf which he did not do," Kyomugisha said.

The accused appeared before Grade One Magistrate Gladys Kamasanyu, who read the charges to him and he denied the offences.

"The accused was going to invest the said money on the complainant's behalf in an online business venture where she was to gain a profit of 20% per month for one year, which they did not do, and thereby secured unlawful gain of sh8m from Kagume," Kyomugisha told the court.

Asiimwe is also charged with obtaining sh64m from Bernadette Kamanzi Mutunzo with the promise of earning her a 20% profit whereas not.

The prosecution further alleges that Asiimwe on Dec 10, 2017, at the location, with intent to defraud, obtained sh20m from Immaculate Kemisomo.

Asiimwe told Kemisomo he was going to invest the said money in Stratton Oakmont Equities Ltd to trade on her behalf and purportedly accumulate a 20% profit per month, whereas not.

The prosecution also contends that on  December 12, 2017, at the same place, Asiimwe falsely obtained sh10m from Julius Muganyizi, falsely pretending that it was going to accumulate 20% profit from the cryptocurrency market, whereas not.

"You have a right to apply for bail," Kamasanyu told Asiimwe who replied by saying he did not want bail.

"I am very pleased and safe at Luzira," Asiimwe said drawing laughter.

He was remanded until March 4, 2019.