Prominent city lawyer and also Kampala Land Board Chairman,David Balondemu
has been arrested on charges of fraud after allegedly conning a Korean investor out of $600,000 (2.2 UGX) in a complex financial scheme.
Balondemu was arrested Wednesday evening by detectives from State House Anti-Corruption Unit (SHACU) on directives of President Yoweri Museveni.
This is the second arrest in relation to the complaint lodged by the Korean investor Hyun UK Kim who lost money multiple times to Kampala’s crooked dealers.
Mr Hyun reported the matter to SHACU that he had been conned of $1.5 million in several gold and financial schemes.
“He is detained at SID in Kireka, and he will be taken to Court anytime from now for prosecution,” said a source at SHACU.
Balondemu’s arrest comes after an extensive investigation into the investor’s claims, which highlighted the alleged deception.
According to officials, the Balondemu allegedly utilized his legal knowledge to create an elaborate scheme that convinced the investor to pay $600,000.
The exact details of the scheme have not been disclosed, but it is believed to involve false investment opportunities and financial misconduct.
Two weeks ago, City Hall Grade One Magistrate Rehema Nassozi Ssebowa remanded two men to Luzira Maximum Security Prison on charges of obtaining money by false pretense from the same Korean investor Hyun.
Court heard that Mugisha and Maviri, along with others who are still at large, allegedly committed these crimes between August 2021 and November 2021 in Kampala City.
They allegedly obtained US$300,000 (approximately Shillings 1.1 billion) by falsely claiming that they were selling 53 kilograms of gold to Hyun.
They remain in Luzira sweating plasma.
This website will bring more details of Balondemu’s plight.
Lord Mayor Erias Lukwago appointed Balondemu as Chairman of Kampala District land board in October 2020
Do you want to share a story, comment or opinion regarding this story or others, Email us at newsdayuganda@gmail.com Tel/WhatsApp........0726054858
Do you want to share a story, comment or opinion regarding this story or others, Email us on info@newsday.co.ug or ,Tel/WhatsApp........0702451828