Police probe US$450,000 Gold Scam
CAPTION: Abdul Nasur Ikun, the suspect in gold scam being escorted by Police in Kampala August 7th, 2026. (PPU photo).
By Our reporter
KAMPALA – The Police Mineral Protection Unit, in collaboration with the State House Investors Protection Unit (SHIPU) and other security agencies, has launched investigations into an alleged US$450,000 gold fraud involving an Indian-British investor who claims to have been deceived in a purported 20-kilogram gold transaction.
According to a statement issued by SHIPU Senior Information Technology and Public Relations Officer, Mr. Bryan Henry Vubya, preliminary investigations indicate that the investor was allegedly lured into the gold export venture after being promised the supply of 20 kilograms of gold.
The investor reportedly paid a total of US$450,000 through a combination of bank transfers and cash payments, with receipts allegedly issued by the suspects. Investigators further indicate that part of the transaction was processed through an entity presented as the suspects’ legal representative.
The investor was allegedly invited several times to Uganda and neighbouring countries, including Kenya, under the pretext of finalising the transaction. On one occasion, the complainant reportedly travelled to Kenya after facilitating arrangements for the meeting but was allegedly abandoned by the suspects.
Investigators also revealed that meetings were reportedly scheduled in Germany, which they believe were intended to delay the transaction while creating a false sense of confidence and legitimacy.
The investor later signed contractual documents before allegedly receiving what was presented as 20 kilograms of gold. However, upon further verification, the consignment was reportedly found not to match the agreed transaction, prompting the complainant to seek intervention from Ugandan authorities.
Authorities are also investigating allegations that forged documents bearing the letterhead of the Special Forces Command (SFC) were used to create an impression that the transaction had government knowledge or approval.
Investigators say such actions, if proven, could not only result in financial losses to investors but also damage the reputation of government institutions and undermine confidence in Uganda’s investment environment.
One suspect, Abdul Nasur Ikuns, is currently assisting investigators as inquiries continue to establish the full extent of the alleged fraud, identify other possible individuals involved and trace any proceeds linked to the suspected crime.
SHIPU reiterated its commitment to protecting both local and foreign investors from fraudulent practices that threaten Uganda’s investment climate.
The Unit also urged investors involved in mineral and gold transactions to exercise caution by conducting thorough due diligence, verifying licences and documentation with relevant government authorities, and seeking guidance from recognised regulatory agencies before committing funds.
Investigations into the matter are ongoing, and authorities say further updates will be provided as more information becomes available.
