Anti-Corruption Unit, in collaboration with Criminal Investigations Directorate and Office Of The Director Of Public Prosecution, has brought businessman Muhammad Ali before the Makindye Magistrates Court on charges of Theft and Cheating.
Muhammad Ali has been remanded until 5th May 2026.
Between September and October 2025, Muhammad Ali, while serving as a manager at Duck Hunters Security Company, along with others still at large, allegedly defrauded Dubai-based investors of USD 3.5 million (approximately UGX 13 billion) through fake gold transactions.
The investors traveled to Uganda in search of gold suppliers and were introduced to various suppliers by Muhammad. They initially purchased 10kgs of gold for USD 700,000 from Spanex Ltd.
Later, Muhammad lured the investors into another deal to buy 30kg of gold from a purported Military Officer for USD 2.4 million.
After purchasing the 30kgs of gold, it was tested at Azzura Refinery and then stored at Duck Hunters Security Company, pending export to Dubai. However, the consignment mysteriously disappeared, leading the investors to return to Uganda only to discover they had been scammed.
Ongoing investigations are examining the involved gold exporting companies and potential military connections to apprehend those responsible for this scam.
