Newslex Point News in Uganda, Uganda news
The authority said the main part of the focus is the illegal fund managers, fictitious pyramid schemes, and Ponzi schemes.
The CMA’s attention focused on the Alliance In Motion Global (AIM Global), one of the numerous firms under investigation by the CID.
The CMA’s director for legal and board affairs, Mariam Musaali, commented on AIM Global. She said they have noted with great concern that a company holding out as Alliance in Motion Global is offering shares illegally. She said it is also providing investment advice to the public.
Musaali also informed the general public also, that AIM Global is an unlicensed company operating independently of the CMA. Therefore, as such, she strongly cautions members of the public against conducting any business with the said company.
She further explained that any person who undertakes any dealings with them does this at his/her own risk.
Police registered 8,096 economic cases in 2020 and 10,598 cases in 2019 due to scam. These were mainly motivated by the desire to make quick money from unsuspecting members of the public.
In 2020, 2,925 victims lost over Shs 41billion through pyramid schemes and cybercrimes in 2019. Many more have continued to lose money this year through gifting circles and the illegal financial advisory called BA Verve Cards.
Assurance from the CMA to all Ugandans came that they are monitoring all activities in the country’s capital markets. She said this will ensure order, fairness, and transparency. The CMA told citizens to contact it in case one is not sure of the legitimacy of the scheme.
Check Also;
- Capital Markets Authority And Uganda Manufacturers Association Sign MOU To Increase Long Term Financing For Manufacturers
- Capital Markets Authority Of Uganda Blocked the Publication Of This Article In New Vision Even With paid funds Returned!
- Why King Saha Believes ‘AKON CITY’Is An Investment Scam
Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.
