Crypto Pyramid Scheme in Uganda Steals Employees’ Money and Closes
Helen Partz's original article for cointelegraph.com reduced by 78%
An alleged cryptocurrency pyramid scheme in Uganda has fled after defrauding dozens of victims that invested in and worked for the scheme. Dunamiscoins Resources Limited opened in Masaka last month and started inviting individuals to invest and become part of its "Digital currency network," independent Ugandan newspaper Daily Monitor reports Dec. 5.
A businessman who worked next to Dunamiscoins' closed offices reportedly said that Dunamiscoins was convincing people to join its firm by promising 40% returns on cash investments. According to the witness, the firm was apparently working with money transfer companies in the city to recruit new people to the scheme. Dunamiscoins allegedly asked each applicant to pay 20,000 Uganda shillings to register with the company.
According to a former Dunamiscoins salesperson, the firm promised high returns on investments but fleeced its employees of money paid for registration as well. Daily Monitor attempted to get in touch with Dunamiscoins but none of the phone numbers obtained by the publication was available, the report notes.
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