The Uganda Police Mineral Protection Unit is investigating a suspected $4.9 million gold scam involving foreign investors who say they were conned by mischievous Ugandan and Burundian gold dealers pretending to possess skills of the global cash cow. A top city lawyer, Isaac Kyagaba, it appears, has watched on repeat Heist movies to Horn his skills and bring the tycoons to their knees.
According to highly placed sources privy to information in the probe, a case has been registered under SD REF: 32/25/02/2025, CASE: O/M/B/F/P, with the complainant listed as Fahad Kigongo Semugenze and the suspects identified as Samuel, Hakim, and lawyer Kyagaba Isaac.
Another case, SDREF: 31/24/02/2025, CASE: O/M/BF / P, also mentions Fahad Kigongo Semugenze as the complainant and OXZTAR MINERAL CO.LTD as the suspects.
In the complaint, PT HRTC Exploration and Production, a company registered in Indonesia and the United Arab Emirates (UAE), reportedly entered into a gold purchase agreement with OYZTAR MINERALS CO. LTD for 200 kilograms of gold in May 2024. The reports add that the company made a down payment of $3 million on May 13, 2024, followed by an additional $1.4 million on May 29, 2024, for export clearance to Dubai. However, despite these payments, the gold was never delivered as agreed, prompting the purchasers to raise eyebrows about the dealers.
Sources reveal that in a separate transaction, PT HRTC sought to purchase 510 kilograms of gold from Burundi through individuals identified as Samuel and Hakim. To facilitate the process, the investors appointed city Isaac Kyagaba, a lawyer from the multinational law firm Dentons, to conduct due diligence. However, after transferring $500,000 through the lawyer’s account, the deal mysteriously collapsed, and suspicions arose over a questionable Uganda Revenue Authority (URA) customs declaration copy (Ref: T 70287 07 23) presented as proof of shipment.
In his complaint, Fahad Kigongo, acting on behalf of the defrauded investors, reveals that efforts to recover the money or receive the promised gold have been met with threats from the involved parties that can only be compared to Trump threatening Zelensky following their White House burst up.
Reports reveal the tycoons are now calling on Ugandan authorities to arrest and prosecute ASAP, the directors of OYZTAR MINERALS CO. LTD, along with Samuel, Hakim, and Kyagaba Isaac, for their role in the fraudulent transactions.
Efforts to reach Isaac Kyagaba were futile by press time. The matter is before a Criminal Court with proceedings to have the said monies recovered.
