• About
  • Contact
Sunday, May 11, 2025
  • Login
No Result
View All Result
NEWSLETTER
Now Then Digital
23 °c
Kampala
22 ° Fri
23 ° Sat
23 ° Sun
22 ° Mon
  • HOME
  • NEWS
  • POLITICS
  • BUSINESS
  • TECH
  • ENTERTAINMENT
  • LIFESTYLE
  • TIPS & ADVICE
  • HOME
  • NEWS
  • POLITICS
  • BUSINESS
  • TECH
  • ENTERTAINMENT
  • LIFESTYLE
  • TIPS & ADVICE
No Result
View All Result
Now Then Digital
No Result
View All Result
ADVERTISEMENT
Home News

Capital Chicken SMC Limited Targeted in Nationwide Crackdown on Fraudulent Investment Schemes

Now Then Digital by Now Then Digital
October 5, 2023
in News, Uganda
Reading Time: 3 mins read
1 0
A A
0
capital
0
SHARES
21
VIEWS
Share on FacebookShare on Twitter

Kampala, Uganda | NOW THEN DIGITAL — Security agencies, led by the Criminal Investigations Directorate, have initiated probes into pyramid schemes that have enticed investors with promises of substantial profits only to defraud them of their investments.

The most recent focus of these inter-agency investigations is Capital Chicken SMC Limited, which attracted individuals with promises of over 40% profits in five months within the chicken business sector.

Assistant Inspector General of Police Tom Magambo, the Director of Criminal Investigations, emphasized the seriousness with which they approach cases of fraud perpetrated by pyramid schemes. He stressed their commitment to collaborative investigations aimed at apprehending those responsible and safeguarding unsuspecting investors’ funds.

“We take fraud very seriously. We are carrying out joint investigations against these groups who are fleecing money from people.” Mr. Magambo stated.

He added: ”They have different dimensions. Some have external players, but whenever we get information, we investigate them.”

Youmight also like

Ugandan Army Chief Muhoozi Admits Detaining Bobi Wine Bodyguard

Eddie Mutwe Held by Military, Uganda’s Top General Muhoozi Confirms

May 3, 2025
Starlink Eyes East African Expansion with Potential Uganda Launch

Uganda Eyes Satellite Internet Boost as President Museveni Meets Starlink Team

April 29, 2025
Uganda’s Jacob Kiplimo shines with record-breaking marathon debut in London

Uganda’s Jacob Kiplimo shines with record-breaking marathon debut in London

April 28, 2025
Uganda: Latest Ebola outbreak officially over, says health ministry

Uganda: Latest Ebola outbreak officially over, says health ministry

April 26, 2025

On Thursday, Capital Chicken abruptly ceased operations without notifying its clients, prompting social media complaints from victims unable to access the scheme’s offices.

To date, at least 43 clients of Capital Chicken have reported their losses to the police. Records at Kira Road Police Station indicate losses exceeding Shs1.6 billion, with a client at Jinja Road Police Station reporting a loss of over Shs100 million, and another losing Shs52 million.

ADVERTISEMENT
manager
Mr. Pius wamanga Director

In a statement on their website, Capital Chicken cited the freezing of their accounts by the Financial Intelligence Authority (FIA) as the reason for their temporary closure.

“We have been forced to temporarily close following a Capital Markets Authority (CMA) news release discrediting us about two weeks ago and the subsequent freeze of our accounts by the FIA that has made it impossible for us to run normal operations,” read a portion of Capital Chicken’s statement shared on X (formerly Twitter).

The Executive Director of the Financial Intelligence Authority, Mr. Samuel Were Wandera, confirmed that they had frozen Capital Chicken’s accounts pending investigations by the police and CMA, emphasizing their support for the ongoing inquiries.

“The suspension of their accounts is to aid the investigations,” stated Mr. Wandera, noting that the details were available to the police and the CMA, leading the investigation.

The Capital Markets Authority (CMA), which had earlier cautioned the public against unregulated investment companies, issued a statement acknowledging their awareness of the issues surrounding Capital Chicken.

“The CMA has not temporarily closed Capital Chicken Limited (SMC) as alleged,” clarified the CMA statement.

The statement continued, ”This matter is now being handled by the Uganda Police Criminal Investigations Directorate.”

Numerous similar companies involved in agricultural investments have been enticing investors to participate in farming projects under their management.

Investigators have revealed that fraudsters employ various schemes across multiple sectors to defraud unsuspecting victims of their investments.

Pyramid scheme fraud gained notoriety in Uganda in the late 1990s with the creation of savings and loan groups like Dutch International and Caring for Orphans, Widows, and the Elderly. These schemes accumulated savings from their victims before disappearing.

However, recovering lost funds or prosecuting the suspects has proven challenging. The suspects are often charged with embezzlement or operating financial institutions without licenses.

Over the past two decades, judges have emphasized that clients cannot claim their funds were embezzled when they are not owners or directors of the pyramid scheme companies.

In several instances, suspects have exploited legal loopholes, resulting in acquittals in court.

Mr. Magambo urged the public to exercise caution by seeking regulatory approval before investing in any scheme.

https://twitter.com/capitalchicken2/status/1709241821707055444

Source: Now Then Digital
ADVERTISEMENT
Now Then Digital

Now Then Digital

Now Then Digital offers breaking news and opinion articles, giving you a unique opportunity to see what goes on behind the scenes in Uganda, Kenya, Nigeria, South Africa and elsewhere.

Recommended For You

Ugandan Army Chief Muhoozi Admits Detaining Bobi Wine Bodyguard
Politics

Eddie Mutwe Held by Military, Uganda’s Top General Muhoozi Confirms

by Wafula Steven
May 3, 2025
Starlink Eyes East African Expansion with Potential Uganda Launch
News

Uganda Eyes Satellite Internet Boost as President Museveni Meets Starlink Team

by Wafula Steven
April 29, 2025
Uganda’s Jacob Kiplimo shines with record-breaking marathon debut in London
Sports

Uganda’s Jacob Kiplimo shines with record-breaking marathon debut in London

by Now Then Digital
April 28, 2025
Uganda: Latest Ebola outbreak officially over, says health ministry
Health

Uganda: Latest Ebola outbreak officially over, says health ministry

by Wafula Steven
April 26, 2025
ADVERTISEMENT

Related Articles

burna boy all africa music awards 2022 winners

Here Are All the Winners of the All Africa Music Awards for 2022/2023

2 years ago
Isma Olaxess murder

Isma Olaxess: Speaker of Parliament Condemns Blogger’s Murder

2 years ago
Bella Hadid's Struggle with Lyme Disease

Bella Hadid’s Battle with Lyme Disease: What You Need to Know

2 years ago

Popular News

  • Anna Maria von Stockhausen Accused Victim of Superstition

    Who Was Anna Maria von Stockhausen: A Victim of Witch-Hunts in the 18th Century

    0 shares
    Share 0 Tweet 0
  • BRICS Group Expands: Six New Member Nations Welcomed

    0 shares
    Share 0 Tweet 0
  • Key Tips to Identify Fake X Accounts Amid Growing Misinformation

    0 shares
    Share 0 Tweet 0
  • Symptoms and Treatment of Pernicious Anemia Tongue

    0 shares
    Share 0 Tweet 0
  • A Quick Guide to Manda Mobile Uganda: What You Need to Know

    0 shares
    Share 0 Tweet 0

Connect With Us

Join our Newsletter

Who We Are

Now Then Digital | Breaking News from Uganda & Africa

Latest headlines from Uganda, Africa & the world. Explore politics, entertainment, sports, finance & more on Now Then Digital.

Sign Up For Our Newsletter

Now On Pinterest

marjorie harvey steve harvey's wife

Marjorie Harvey: A Closer Look at Her Impressive Net Worth

Ayra Starr goes diamond in France

Nigerian Singer Ayra Starr's 'Rush' Earns Diamond Certification in France

From Our Partners

  • Editorial Policy
  • Disclaimer
  • Corrections Policy
  • Fact-Checking Policy
  • DMCA Policy

© 2025 Now Then Digital - Breaking News from Uganda, Kenya, Nigeria & South Africa.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
    • Movies
    • Music
    • Sports
  • Lifestyle
    • Fashion
    • Travel
    • Tech
  • Health
  • Food

© 2025 Now Then Digital - Breaking News from Uganda, Kenya, Nigeria & South Africa.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.