An investigation has uncovered an alleged multi-million fraud scheme orchestrated by insiders at Entebbe based gold firm, Bullion Cargo Security.
The bogus deal involves two South African investors identified as Sandile Mazubuko and Tracy Mazubuko who flew into Uganda last month to purchase two tons of gold from the firm but ended up seeing only 500 kilograms, of which they have never received despite making partial payments.
According to files this website landed on, security a few days ago initiated a wide-ranging confidential investigation into the gold business in the country and several companies have been highlighted as fake dealers that aim at conning foreigners.
A file about Bullion Cargo reveals that it offers a variety of services which include refinery (assaying and smelting), safe keeping and storage, logistics and transportation, customs handling, security and cargo tracking.
However, the firm offers limited services of what is mentioned above.
The probe indicates that Sandile and his business partner were indeed promised to have the merchandise mid last month and were booked into a Kabira country club as Bullion processed gold.
During their stay, these South Africans were asked to pay $10000 to process the documentation for the gold and also pay for security that ensures safety of the goods.
A separate source interviewed by investigators said that the investors were told they would have a refined product since Bullion Cargo is a refinery, which is untrue.
In the course of the fake transaction Bullion Cargo officials introduced agents from Internal Security Organization (ISO) as in charge of safety.
The investors were later told that the two tons of gold are ready for exportation and the firm presented 500kgs as evidence.
Against that backdrop they asked for more $20000 to finalize documentation which Sandile and his colleague paid.
The company issued an invoice with bank details
BANK NAME: UNITED BANK OF AFRICA (UGANDA) LIMITED
ACCOUNT NAME: BULLION CARGO AND SECURITY LIMITED
ACCOUNT NUMBER: 0153004955
BANK ADDRESS: Plot 2, Jinja road, Kampala, Uganda.
SWIFT CODE: UNAFUGKA
BRANCH: JINJA ROAD
CORRESPONDING BANK: CITIBANK, NEWYORK
After receiving the payment the company officials switched phones and cut off communication with the investors who remained stranded at Kabira hotel.
Later, when Bullion Cargo officials learned that the investors had started approaching authorities in the country about their plight, they hastily sent them to Dubai promising that the two tons of gold would come through in a few days.
Since August Sandile and his partner have been stuck in UAE as they wait for gold.
Contacting an official whose number appears on the company’s leaflet, without revealing his names he said those are falsehoods peddled by “haters.”
“In this town we have people whose job is to circulate lies,” he said before suggesting for a meeting.
“We can have a meeting and I give details,” he said.
By press time he had not reverted as he promised.
Sandile Mazubuko, when reached declined to comment on the matter and insisted on knowing how this website obtained his phone contact.