Businessman remanded over ugx 13b fake gold scam
KAMPALA. Businessman Muhammad Ali was or Friday re-arraigned and remanded to prison over fresh charges linked to a multi-billion shilling gold scam.
Ali appeared before the Makindye Chief Magistrate’s Court where he was charged with forgery and uttering false documents. The court ordered that he be held on remand until 31st July 2026.
According to the State House Anti-Corruption Unit, working with CID and the ODPP, Ali allegedly presented forged documents to secure bail in an ongoing case in which he is accused of defrauding Dubai-based investors.
The main case involves an alleged *USD 3.5 million fraud estimated at about UGX 13 billion, disguised as a gold export deal.
SH-ACU further revealed that investigations have identified other individuals believed to be part of the syndicate. Those suspects are still at large, but authorities say a manhunt is underway and they will be produced in court once arrested.
The development is the latest in government efforts to crack down on gold-related fraud schemes targeting foreign investors.
