Police Kicks Off Probe On Alleged UGX1.6 Billion Capital Chicken Fraud

Date:

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

Police have provided new details in their ongoing investigation into alleged fraudulent activities involving a company called Capital Chicken, revealing that Ugandans may have lost over 1.6 billion Ugandan shillings ($435,000) in the scam. The company allegedly persuaded individuals to invest in their “poultry farms” in Mukono District.

According to Luke Owoyesigyire, the Deputy Spokesperson for Kampala Metropolitan Police, Capital Chicken operated an office in Kamwokya, Kampala, between 2021 and 2023, where individuals invested their money with the promise of returns. Initially, the operation seemed to be running smoothly, but concerns arose when members encountered unusual behavior from the management, including being asked to “come back later” when visiting the office for transactions.

On September 29, 2023, the situation escalated when individuals found the office unexpectedly closed. Concerned citizens promptly reported the matter to the police, leading to investigations. Statements have been recorded from 41 victims, detailing transactions totaling 1.6 billion shillings, and relevant documents have been recovered.

The suspects identified in the case include Pius Wamanga Mudulo, Ernest Sempebwa, and several others. The police are treating the matter seriously and are diligently working to uncover the facts surrounding the alleged fraud. They have encouraged anyone affected by the company or with information related to the case to come forward and cooperate with their investigators.

In August of the same year, the Capital Markets Authority (CMA) issued a red alert about Capital Chicken, warning the public against the company. The CMA advised the public to participate in investment opportunities approved or regulated by relevant authorities to avoid being victims of investment fraud.

Capital Chicken had responded to the CMA’s warning, stating that it operated as a farming partnership company under the Companies Act of 2012 and assured clients that their capital was safe with them. However, the police investigation is ongoing, and updates will be provided to the public as it progresses.

- Advertisement -

Share post:

Popular

More like this
Related

NRM’s Faridah Nambi Embarks on Door-to-Door Campaign in Kawempe North

Kampala, Uganda — In the lead-up to the Kawempe...

Parliament Approves Over Shs1.2 Trillion Supplementary Budget

Kampala: The Parliament of Uganda has approved a supplementary...

Teen Dies After Setting Herself on Fire Over School Placement

A 17-year-old student, identified as Ndagire Mary, has tragically...

City Businessman Jailed for Beating Up Slay Queen at Mezo Toilets

A night out at Mezo Bar in Kololo took...