On September 18, 2023, the Capital Markets Authority (CMA) clarified that Capital Chicken Limited, the Mall Fund Limited and Veta Plan Chicken had not sought the approval of the Authority to offer investment contracts to the general public.
Kira road police station and Kampala Central Police Station –CPS have received over 80 complaints from victims of the Capital Chicken Ponzi scheme. URN understands that one of the complainants lost as much as 420 million Shillings.
The number is expected to be more than 80 since two case files GEF 38/2023 and GEF 39/2023 have been opened at Kira Road and Kampala Central Police Station –CPS respectively.
Sources have said a retired security officer invested over 380 million Shillings while another retired civil servant invested 420 million Shillings in capital chicken.
“Some of these people came here and attempted to create a scene claiming police knew about the Ponzi scheme because the place was being guarded by police officers. We told them that even a civilian who writes seeking police protection we provide it. What if a business that was operating in the middle of the center? We don’t register or regulate business operations,” a source said.
It has been understood that some people had invested Emyooga funds in Capital Chicken.
The managers of this Ponzi scheme were promising a 15% monthly profit for every amount invested in the chicken business.
Capital Chicken had its main office along Kanjokya Street in Kampala Central Division, where individuals entrusted their money for investment, with the promise of returns. In the nearly three years it has been in existence, Capital Chicken appeared to run smoothly and its clientele kept growing.
Luke Owoyesigyire, the Deputy Kampala Metropolitan Police Spokesperson, said the clients became skeptical when the managers started telling them to come back later when they went to collect their profits or capital.
A huge shock emerged on September 29 when individuals arrived at the office and unexpectedly found it closed. Although Owoyesigyire had earlier computed the lost money to be 1.6 billion Shillings, it is alleged that the money is now nearing two billion shillings as more complaints keep coming.
“Statements have been recorded, shedding light on transactions. Furthermore, relevant documents pertaining to these transactions have been recovered to aid in our ongoing investigation,” ASP Owoyesigyire said.
Police have identified the key suspects as Pius Wamanga and Ernest Sempebwa Ernest who are suspected to have fled the country. Some of the workers of Capital Chicken reportedly also found offices abruptly closed.
“Our investigators are diligently working to uncover the facts surrounding this alleged fraud. We understand the concerns of the victims and the public, and we are committed to bringing this investigation to a swift and just conclusion,” Owoyesigyire said.
Police have urged the public to continue reporting cases so that satisfying evidence is collected for the prosecution of the suspects once they are apprehended. However, there are groups that have vowed not to report since it is perceived as embarrassing.
Last year, over two billion shillings was lost in BLQ’s online gaming Ponzi scheme. One of the founders posted on social media thanking Ugandans for donating their money and promised to come back with a new version.
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