Nigerian Businessman Loses $70,000 In Uganda Gold Scam

Ugandan authorities have arrested seven suspects linked to a $70,000 gold scam involving a Nigerian businessman.

Diaspora Digital Media gathered that the crackdown followed weeks of investigation into a fake gold transaction that left the victim stranded in Kampala.

Police spokesperson Fred Enanga confirmed the arrests on Monday, revealing that the suspects posed as legitimate gold dealers.

They allegedly lured the Nigerian investor with promises of supplying several kilograms of pure gold at a competitive price.

According to Enanga, the businessman travelled from Lagos to Kampala in early August after finalising the deal through online negotiations.

On arrival, the suspects hosted him in a luxury apartment and showed him gold bars, which later turned out to be fake.

They convinced him to part with $70,000, claiming the payment would cover refining costs and customs clearance.

After receiving the money, the gang abruptly cut off all communication and disappeared.

The businessman, realising the fraud, reported the matter to Ugandan police, prompting an immediate manhunt.

Investigators tracked the suspects through phone records and CCTV footage from the apartment complex.

The operation led to the recovery of part of the stolen cash and counterfeit gold samples.

Police also seized forged export documents used to deceive the victim.

Enanga warned that international gold scams have become increasingly sophisticated, with syndicates targeting investors from Nigeria, South Africa, and the Middle East.

He urged foreigners to verify dealers with Uganda’s Directorate of Geological Survey and Mines before making transactions.

The Nigerian businessman has since expressed relief over the swift arrests, thanking Ugandan authorities for their cooperation.

He also confirmed plans to pursue legal action to recover his remaining funds.

Uganda’s Criminal Investigations Department has charged the suspects with fraud, obtaining money by false pretence, and conspiracy to commit a felony.

Prosecutors said the case would proceed in court this month, with the accused facing up to 10 years in prison if convicted.

The arrests highlight a growing trend of cross-border financial crimes in East Africa.

As gold prices continue to rise globally, fraudsters have intensified operations targeting wealthy individuals and businesspeople seeking quick returns.

Authorities in both Nigeria and Uganda have promised to strengthen intelligence sharing and tighten regulatory controls in the gold trade.

Officials say the goal is to protect investors and restore confidence in legitimate mining operations across the region.

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