The online company that abruptly shut down started attracting locals mid last year. At the time, a number of business operators, teachers, and religious leaders had been enticed into investing money in the company with an assurance of receiving massive profits after a specified period. Every client would also get a bonus after recruiting another.
Security authorities in Kabale district have launched
investigations into the circumstances under which hundreds of residents were
fleeced by an online cryptocurrency company; Bridge Water Stocks.
The online company that abruptly shut down started
attracting locals mid last year. At the time, a number of business operators,
teachers, and religious leaders had been enticed into investing money in
the company with an assurance of receiving massive profits after a specified
period. Every client would also get a bonus after
Kabale Resident District Commissioner
Godfrey Nyakahuma confirms that his office has received more than 10 complaints from people who had invested millions of Shillings unknowing that they were being fleeced. One of the complainants had reportedly invested 100 million Shillings.
Nyakahuma says that he is working with the Police cyber-crime department to uncover the persons behind the scam. He has also ordered for the re-arrest of
the Kabale-based promoter identified as Charles Kamwesiga who
is currently out on police bond.
//Cue in; “many traders have…
Cue out…of law.”//
Rutooro//Cue in; “aha abantu abeijire...
Cue out…muteine akasente.”//
Edita Atuheire Ahimbisibwe one of the affected businesswomen in Kabale town says that she was approached by Kamwesiga accompanied by
his colleagues; Brian Musheruzi, Alex Mwesigye alias Kiyanga on October 12, 2021, and convinced to join Bridge Waters Stocks. Atuheire says that she was
convinced that she will earn profits without a sweat, a venture in which she injected 50 million Shillings.
Atuheire says that the same people convinced her husband to invest 78
million Shillings, but they were both shocked when they tried to log into her account afterwards, they found the website blocked.
//Cue in; "I invested in…
Cue out…our money.”//
Rukiga//Cue in; “naturaga ndabagambira nti…
Cue out…esente zeitu.”//
Silver Muhangi, who operates a phone and accessories shop in Kabale town says that he joined the company
and first invested five million Shillings after being convinced by Musheruzi,
Mwesigye that he
would get a daily return of 82,000 Shillings. Muhangi says that he later
injected more than 20 million Shillings with expectations of reaping 80
million Shillings profit after 120-days.
Muhangi says that he was shocked after trying to log in and realized
that the site is suspended.
//Cue in; “Alex Kyiyanga he…
Rukiga//Cue in; “million 38 ezi…
Shallon Niwamanya, a primary school teacher in Kabale
district also narrates that she invested 8 million Shillings in the online
trading company, with the same hope of reaping
says that she is now stuck with nowhere to start from.
//Cue in; “I came to...
Cue out…help us.”//
Rukiga//Cue in; “nazigeita nezi nabeire…
Cue out…engaro nisniima.”//
hundreds of Kabale residents lost their money to Caring for Orphans, Widows, and the Elderly-COWE, a
local non-governmental organization that
encouraged residents to save with the organization, saying it would double
their savings. However, the NGO abruptly shut down leaving locals in tears.
In March 2011, the then Kabale Chief Magistrate's court
convicted Nickson Balikoowa, the former National Secretary of COWE and former
Kigezi region Coordinator, Sedi Kesiime to four years in jail. Court also
ordered the duo to pay a fine of 450 million Shillings to their victims.
However, the ruling was later quashed by
Kabale High Court, which saw the duo regain their freedom.
In January 2016, President Yoweri Museveni directed the Prime
Minister, Dr Ruhakana Rugunda to intervene and help the scam victims, but nothing