Nakawa chief magistrate Alum Agnes yesterday charged two people for conning Ugandans of huge sums of money through a pyramid scheme company named Development Conglomerate Limited
The two are Charles Lambert, a 34year old British citizen of Nigerian origin and one Caroline Waweru, a Kenyan national.
These were charged with “giving false or misleading information” contrary to section 84b of Capital Markets Act
They both denied the charges.
State prosecutor Annet Namatovu asked the trial magistrate to adjourn the matter since investigations are still underway
The suspects were informed of their right to bail, and the case was pushed to Monday next week when they are expected to file for bail.
Prosecution alleges that between October 2017 and November 2018 in various parts of the country, the suspects spread false information to induce Ugandans to buy shares in their company of Development Conglomerate well knowing that the information was false
Some of the victims of this scheme showed up at court and expressed optimism that justice was likely to be realized.
These revealed that the suspects used President Museveni’s forged Manifesto with their adverts inside to win people’s hearts that everybody knew about their operations.
Richard Kimuli who was one of the people who offered transport services to this company says that they were duped and asked to fuel their cars but they ended up not being paid.
He has thanked the DPC and OC Jinja Road Police who arrested the suspects.
