Breaking News

Development Channel Company Confirmed as a Grand Scam. Police Arrests Boss.

Kira Road Police has arrested a 44-year-old of Nigerian national for allegedly running a grand scam company .

The Director of Development Channel Company Charles Nwabuikwu Lambert has been arrested for his role in the fraud and money laundering scheme.

The arrest came as a result of angry workers of various transport companies trying to set ablaze one of the premises owned by Development Channel Company as they forced their way in to lynch the Company Director Charles Nwabuikwu faulting him over their unpaid arrears.

One of the transporters told police that, Development Channel had since October hired a total of 63 PRADO SUVs to ferry various dignitaries around different parts of Uganda promising the owners daily income. However after accumulating profits the company decided to channel the monies into other ventures leading to an accumulation of 127 million Uganda shillings debt.

Upon being contacted in regards to their payments, the company director fed the angry creditors on a number of excuses sparking off a scuffle and the consequent response by Kira Road Police to solve the concern.

According to the complainants, the company perpetrated a complex scheme under the guise of a poverty alleviation company aimed at empowering Africans with a lifetime payment in a ruse designed to defraud victims located throughout Uganda.

Investigations reveal the company has been placing advertorial posts on media,infiltrating soft spot areas like schools, hospitals, churches inviting both skilled and non skilled job seekers promising a hefty pay.

Following the intelligence led information provided by dissatisfied clients, police detectives carried out an investigation which revealed shocking ways of how hundreds of citizens had been duped into investing in a scam business.

Mode Operation:
The company marketeers lure the unsuspecting victims into buying iPads known as No Drop Out to Ugandans at 278 US dollars an equivalent of 1,042,135.53UGX Shillings after which the buyer fills a form and gets a profit sharing certificate. The victims are then a falsely promised of a guaranteed monthly payment of US$ 100, equivalent of 370,000 UGX Shillings for the rest of his life six months after receiving their profit sharing certificate.

One university graduate, also identified as a complainant told officers that he had been duped into buying a substandard tablets in return was provided with a certificate of share ownership however had now taken eight (8) months without receiving the promised dividends on his account.

Upon arrest, Charles Nwabuikwu admitted to having diverted the funds in a bid to expand the company and requested the complainants to be patient with him and agreed on period of time to pay back their money.

The DPC Kira Road SP. Michael Kasigire who responded immediately to calm down the rowdy clients assured the aggrieved that their grievances would be handled to satisfaction.

A case under GEF 30/2018 has been registered at Kira Road Police Station as investigations into the raised questions regarding the company’s business model and sustainability as reported by over 74 dissatisfied clients are ongoing.

Kampala Metropolitan Spokesperson Luke Owoyesigyire warned the public against scamming companies that are constantly looking for new ways to fleece unsuspecting victims out of their hard earned cash.

“Such companies always invite, entice people to invest money into their various schemes, then recruit other people to form an investment chain and subsequently collapse when they run out of new recruits or when they fail to pay the promised benefits,” he said.

He added that people should not believe in everything that upcoming too good to be companies offer, especially before running a thorough background check on their credibility.

Kampala Metropolitan Police working together with various regulatory bodies like Capital Markets Authority (CMA) the Ugandan regulator of Equity and Securities to ensure the concerns of the aggrieved clients are settled.

About E Jazz Reporter

Check Also

Congolese Admits Murdering Fellows At Old Kampala.

Congolese Admits Murdering Fellows At Old Kampala.

RIP Josephine Kakooza! Longest Serving Police Officer Passes On.

One of the longest serving Police Officer Commissioner of Police , Josephine Kakooza, breathed her …

%d bloggers like this: