More than 20 companies working in Uganda’s productive gold trade are under active investigation by the Police Minerals Protection Unit (PMPU) over claims of fraud, investor scamming, and illegal mineral dealings, according to police spokesperson Kituuma Rusoke.
Rusoke confirmed that the probe intensified after a wave of complaints from victims—many of them foreign investors—who reported losing substantial sums of money in dubious gold dealings.
Kituuma added that several of the involved firms are already facing charges in court, while others remain under vigorous investigation.
Authorities have also begun revising mineral trading licenses for companies suspected of misconduct. Rusoke revealed that many of the firms under investigation are purportedly linked to large-scale scams involving billions of shillings.
The list of suspect companies was compiled following a joint operation between the PMPU and the Ministry of Energy and Mineral Development. The ministry subsequently forwarded the names to the Directorate of Geological Survey and Mines (DGSM) for further action, including possible revocation of licenses.
“We submitted the list to the commissioner of the mines department so that their licenses can be reviewed,” Rusoke said, adding that investigations are still ongoing and no final determination has been made on whether all the firms are culpable.
He emphasized that licensing authorities reserve the right to suspend or revoke permits where necessary. “If a company is found to be allowing fraudulent activities on its premises, it indicates failure in adhering to proper operational standards,” he noted.
Among the firms mentioned in the probe are Duc Hunters Security Services Ltd, Midasgko Mineral Trade, Keribar Logistics, Hey Transport Ltd, Berkshire Traders Ltd, Kerliber Logistics Ltd, Quantum Refineries and Analytical Laboratories, Gemstone Refinery, Progress Mining Logistics, Blessed River Stone Ltd, and Cyclopes Defence Systems Ltd.
Others include Alpha Refinery Ltd, Davinnet Gold Dealers Ltd, Livstrong Logistics, Real Sunex Ltd, Benal Group Uganda Ltd, Green Link Freight Logistics, Nexcorp Ventures Company, Nilton Smelting Ltd, Washa Lidije, Nam Global Minerals Ltd, and Aimhon Company Ltd.
Authorities say additional firms could be added to the list as investigations deepen.
Police have already shut down several firms following preliminary findings. These include Hawks Guard Security, B Safe Security Systems, Kerlibar Logistics, Hey Transport Limited, and Midasgko Mineral Trade Ltd.
According to investigators, the closures followed credible evidence linking the companies to fraudulent gold dealings and investor scams.
The crackdown has also resulted in arrests. A notable case involves an Indian national, identified as Thomas Vinal, who allegedly defrauded a businessman of over $2 million (approximately Shs7.4 billion). The suspect was reportedly operating through Hawks Guard Security.
Another suspect, Ajith Pahuja, is accused of conning a victim out of $73,250 (about Shs272.8 million). Police say both cases are part of a broader pattern of organized fraud targeting foreign investors.
Rusoke said the ongoing investigations are part of a larger effort to clean up Uganda’s gold sector, which has in recent years attracted both legitimate investors and criminal networks.
“We have embarked on a sensitisation campaign to establish a more transparent mineral market,” he explained. “We urge all investors to deal only with licensed and verified dealers.”
Authorities believe stricter enforcement will significantly reduce fraud, particularly among unlicensed gold traders who operate outside regulatory oversight. Some companies implicated in the probe were reportedly not registered in official systems, raising red flags about their legitimacy.
The crackdown follows a February report jointly prepared by the PMPU and the energy ministry, which recommended the closure of several companies suspected of illegal gold dealings.
In addition, inspection and monitoring operations have been intensified, with enforcement teams drawn from multiple agencies including the Uganda Police Force, aviation authorities, and internal security bodies.
Officials say the move is aimed at restoring investor confidence and ensuring Uganda’s gold trade complies with international standards.
Some of the named firms have denied wrongdoing. Representatives of Midasgko Mineral Trade Ltd, in a statement, dismissed the accusations as “false, baseless and intended to damage reputation,” insisting the company has never engaged in illegal activities.
However, police maintain that investigations will proceed independently, and any company found culpable will face legal consequences.
With Uganda positioning itself as a regional hub for gold refining and export, authorities say the integrity of the sector is critical. The ongoing probe signals a tougher stance against fraud and illegal practices that have long plagued the industry.
“We are committed to ensuring that Uganda’s mineral sector operates within the law,” Rusoke said. “Those who exploit investors or undermine the system will be held accountable.”
The investigations remain ongoing, with more arrests and enforcement actions expected in the coming weeks.
