By Denish Ongora (denish.ongora@vol.co.ug)
Lira City.
Lira grade one magistrate court has remanded three top executives of Power Forex International Ltd, an online forex trading company over allegations of extorting millions of shillings from their clients in Lango.
The executives who include the company CEO Nuwagaba Herbert, Mutesasira Moses and Tamale Rogers were arraigned before the Lira grade one magistrate Kampire Silvia who read charges levied against them.
The trio were arrested on the 17th of January 2022 from Kampala and transferred to Lira Central Police station where GEF file number 51/2021 was opened.
State attorney Peter Amalo told court that the suspects face 60 charges and that there are also 60 witnesses lined up in the matter.
The accused denied the charges and asked court to release them on bail on grounds that they had stayed beyond the constitutional 48 hours in detention and that they are the sole bread winners in their families.
The grade one magistrate Kampire Silvia declined the prayers by the proprietors of power forex to release them on bail and remanded them till 10th /02/2022.
On 21/12/ 2021, a case of obtaining money by false pretense was opened against Power forex LTD bosses and by 27/01/2022, about 100 people had filed complaints against the company in a general inquiry file opened at Lira Central Police Station.
Some of the affected people told police that power Forex international, an online trading forex company asked them to save money from 100,000 shillings and promised that they will earn 2.7% interest on a daily basis from their deposits.
They say the money they lost to the company could amount to over UGX 2 billion shillings.
editor@vol.co.ug
