Businessman Muhammad Ali has been remanded until May 5, 2026, over allegations of theft and cheating in a suspected fake gold deal worth USD 3.5 million (about Shs13 billion).
According to court documents, the suspect—who was working as a manager at Duck Hunters Security Company—alongside others still at large, is accused of defrauding Dubai-based investors between September and October 2025.
The investors had come to Uganda looking for legitimate gold suppliers and were reportedly introduced to different dealers through Muhammad Ali. They first purchased 10 kilograms of gold worth USD 700,000 from Spanex Ltd.
He is then alleged to have convinced them to enter a second deal involving 30 kilograms of gold, said to be supplied by a purported military officer, at a cost of USD 2.4 million.
After the purchase, the gold was reportedly tested at Azzura Refinery and later stored at Duck Hunters Security Company as the investors prepared for export to Dubai. However, the consignment later went missing.
The investors returned to Uganda and discovered they had been defrauded, prompting a police investigation.
Authorities say probes are ongoing into the role of various gold export companies and possible involvement of individuals linked to the military, as efforts continue to track down all suspects connected to the alleged scam.