Hundreds of
people in Lira City have been conned by Power Forex International, an online
trading company.
The clients of the company from the Lango, Acholi, and West Nile sub-region
include teachers, businessmen and women, students, and mobile money agents. They
were lured into investing money in the company with the hope of receiving huge
profits after a specified period of time depending on how much one has invested.
According to the company’s guidelines, clients have to invest in one of the
packages and they will be able to receive a percentage. The clients also earn a
commission when they get more clients for the company.
Each of the
investments lasts 60 days and a client can withdraw at most 50% of their
accumulated returns between 30 to 60 days of their investment after which the
client can then withdraw 100 percent.
Patrick Emot, a resident of Lira City invested 30 Million Shillings after confirming
that the company is genuine and that he would access his profits.
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of the system.”//
Gladys
Anena, a student of Fountain Aid Institute in Lira was also referred to the
company by a friend with whom they both lost money. Anena invested her tuition
in the business after she received profits for her first investment of 100,000
Shillings.
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Forex International.”//
A mobile money agent who preferred anonymity says that she lost 1.6 Million Shillings
in four different accounts she had opened with the company. The agent says that
she has been forced to close her business.
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opened an account…
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source of income.”//
Godwin Adriko, from Arua District in West Nile, had invested over 6 Million Shillings
when he was tasked to mobilize the people as a coordinator for West Nile with a
promise of making more money.
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kept on dodging us.”//
Jimmy Patrick Okema, the North Kyoga Police Spokesperson says that more than 100
people have so far recorded complaints against the company. He adds that the police on Monday arrested three officials of the company, Herbert Nuwagaba, the company's Chief
Executive Officer, Rogers Tamale, and Moses Mutesesira, both staff and charged
them with fraud and obtaining money by false pretense.
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is being made.”//
Power Forex International deals in Forex trading, stock marketing, Forex trade
training, Credit services, and marketing research and development.
