A businessman has been remanded by the Makindye Magistrates Court over allegations of involvement in a multi-billion-shilling gold fraud targeting foreign investors.
According to the Anti-Corruption Unit (State House Uganda), Muhammad Ali was arraigned alongside others still at large on charges of theft and cheating in connection with an alleged fake gold transaction worth approximately USD 3.5 million (about UGX 13 billion).
The case is being handled jointly by the Criminal Investigations Directorate and the Office of the Director of Public Prosecutions (Uganda).
Authorities said the alleged offences took place between September and October 2025, when Muhammad Ali, while working as a manager at Duck Hunters Security Company, reportedly engaged Dubai-based investors who had travelled to Uganda in search of legitimate gold suppliers.
Prosecutors allege that the investors were first introduced to a company, Spanex Ltd, where they purchased 10 kilograms of gold worth USD 700,000. They were later allegedly persuaded into a second deal involving 30 kilograms of gold, valued at USD 2.4 million, which was reportedly linked to a purported military officer.
“The investors went ahead to purchase 30 kilograms of gold from a purported military officer,” the Anti-Corruption Unit said in a statement.
After the transaction, the gold was reportedly tested at Azzura Refinery and stored at Duck Hunters Security Company pending export to Dubai. However, investigators say the consignment later disappeared under unclear circumstances.
“Upon purchase of the 30 kilograms of gold, they got it tested… and thereafter took it to Duck Hunters Security Company for storage. However, the consignment disappeared,” the statement added.
The investors are said to have returned to Uganda after the shipment failed to arrive in Dubai, only to discover they had allegedly been defrauded.
Muhammad Ali has been remanded until May 5, 2026, as investigations continue. Authorities say inquiries are ongoing into several gold exporting companies and possible involvement of security-linked individuals in the alleged scam.
