By Spy Uganda Investigations Desk
In a shocking case of international fraud, where ruthless Ugandans fleeced an American investor Robert Tunner in a fake gold deal, Stanbic Bank officials are said to be in panic mode as DPP sanctions their files for immediate arrest and prosecution. These top managers at Stanbic Bank are accused of conniving with fraudsters who used their bank to transfer approx.USD 1M (approx. Shs 3.8b) without following due procedures.
”Yeah, that’s true, it’s a squeaky bum time here at Stanbic Bank, what I can assure you, is that some heads may start rolling at that Bank any time to explain something in that regard. There are certain known procedures on how certain huge amounts of money are received and okayed by Banks before allowing access to the intended. Both the Bank and Financial Intelligence Authority (FIA) have a role on certain transactions, these procedures were suspiciously put aside and money was accessed by the intended, all of it swiftly withdrawn in record time. Government through DPP and minerals police at Naguru Headquarters want to know the source of their [MOTIVATION] (Stanbic official) that gave them the appetite to bypass all known procedures to okay such a transaction” our highly placed Spy within the investigations team told our Spy last night.
The same has been confirmed by a separate source within security who revealed that the bank officials swiftly facilitated this transaction because they could have been promised a ”token of appreciation from the scammers which clearly explains why they never followed any anti-money laundering procedures,” that according to the security source.
READ ALSO: State House Anti Corruption Unit Arrests 6 Fake Gold Dealers At Entebbe Airport
Background Of This Fraudulent Gold Deal
Robert Tunner, an American businessman with interests in precious minerals, arrived in Uganda late last year to finalize what he believed was a legitimate Gold trade. Acting on referrals from intermediaries, he was introduced to a group of individuals claiming to be licensed gold dealers based in Kampala. In fact, for the whole of last month, the Mineral Police Department of police from Naguru Headquarters made several searches and arrests at Greenwave Ltd company with offices in Tank Hill Muyenga, a posh Kampala surbab, which is said to belong to Alexanda Saleh, a son to a peasant maize farmer living in Gulu… (don’t ask too much, I have a toothache). Several arrests were made and those found at the office, including Askaris, toilet cleaners, toilet papers, sweepers, office attendants, cockroaches, and mosquitos were all arrested and dumped at Kabalagala police.
According to sources close to the matter, the deal involved a purchase of 50 kilograms of Gold valued at over $2.5 million. The scammers, who operated under a fake mining company, allegedly provided him with samples of what appeared to be genuine gold bars and even arranged for a staged verification process at a local refinery.
After making an initial deposit of over $800,000 to scammers through Stanbic bank accounts of a law firm called Maxim Advocates said to be under the proprietorship of Uganda Law Society President Isaac Kimaze Ssemakadde, and Sheila Namahe, Tunner was assured that the gold would be delivered to an agreed international destination. However, as the weeks passed, the supposed dealers kept making excuses, citing regulatory issues, delays in customs clearance, and last-minute taxation fees bla bla bla….till it knocked hard in Turner’s ears that he had been scammed.
READ ALSO: Kenya Seizes Multimillion Fake Gold Bars From Uganda
Upon realizing he had been defrauded, Tunner reported the matter to Ugandan authorities, including Police, triggering an investigation by the Uganda Police Force’s Criminal Investigations Directorate (CID). Early reports suggest that the fraudsters were part of a well-organized syndicate that has targeted multiple foreign investors and even to a certain extent, even some police and top security officials were behind this deal, meanwhile, TheSpy Uganda hasn’t verified this allegation.
Below is Turner’s Statement at Police pinning Maxim Advocates Company and Greenwave
So far, it is said several suspects have been arrested, while others remain at large. Police say they are working with financial institutions to trace the stolen funds, although chances of full recovery remain slim.
Isaac Ssemakadde Responds:
When our Spy contacted Mr Isaac Ssemakadde about the issue for his response, he answered that he doesn’t know Turner neither does Turner know him, because they’ve never met and done any business together. “Ask him if he knows me, we’ve never met, all I know is that I worked on a business transaction for my client, Turner isn’t my client, if he has any issues to do with my client, let him deal with my client, I will work on the instructions of my client, not Turner, I don’t have any contract with Turner,” Isaac said.
READ ALSO: Gold Scammers Netted At Entebbe International Airport Further Remanded
However, when our Spy asked whether in the transaction for his client, there was a name called Turner,or at least the invoice showing the source and purpose of funds he was receiving on behalf of his client and whether he (Ssemakadde) went back to confirm whether the service /product for which he received money on his client’s behalf was completed, Kimaze instead threatened to sue any media if we wrote about it mentioning him and his company. He sent a sample of how the suite would look having cowed down NBS TV, New Vision, and other online media platforms from running the story.
“Media preventive Arrest?”: Below Are Some Warning Letters Maxim Advocates Wrote To Media Houses When they started investigating the matter
Stanbic Bank was available for a comment when our Spy reached out, but their known numbers went unanswered severally.
Tunner’s case serves as yet another cautionary tale for foreign investors hoping to capitalize on Uganda’s mineral sector. Experts urge due diligence, proper legal representation, and background checks on all dealers to avoid falling victim to similar frauds.
Uganda has seen a rise in gold-related scams, with fraudsters luring investors with promises of quick profits in the booming mineral trade. These scams often involve forged documents, fake gold samples, and fraudulent government approvals.
The Uganda Police Force and the Ministry of Energy and Mineral Development have repeatedly warned investors to exercise caution and verify all transactions through the Uganda Gold Exporters Association (UGEA) before engaging in deals.
This is not the 1st Gold scam we’ve reported here, in 2023 another American investor was defrauding over SHS billion in similar ways, a matter that involved two senior lawyers in town, one female lawyer attached to PLU political pressure group, which among others, promises Ugandans that it will fight corruption when it takes over power. Watch the space for detailed coverage on this…..
