Police in Kamuli District have disrupted a suspected “black dollar” counterfeit currency syndicate targeting farmers, civil servants and business people, arresting 22 suspected dealers.
The suspects were arrested during an early-morning operation on Wednesday in Butabaala and Buwagi villages in Nawanyago Sub-county, following complaints from alleged victims in Masaka, Jinja and Kampala who reportedly lost millions of shillings in the scam.
The suspects are being held at Kamuli Central Police Station and are expected to face charges related to the manufacturing and distribution of counterfeit currency.
Police allege that the group targeted people seeking quick financial gains, particularly large-scale farmers and young professionals, by convincing them that they could acquire large amounts of US dollars at heavily discounted prices.
The suspects reportedly referred to themselves as “black dollar dealers” and allegedly posed as beneficiaries of wealthy foreigners who had died and left them large sums of money.
Police further allege that the group operated through networks of middlemen in major towns and cities. The middlemen reportedly identified potential victims in places such as bars and hotels before gathering information about their financial capacity.
The victims were then allegedly persuaded to invest between Shs10 million and Shs30 million, with promises of earning as much as US$20,000.
Busoga North Police spokesperson Samson Lubega said police had received several complaints from people who had fallen victim to the alleged scheme, making the operation timely.
Lubega said the suspects were increasingly targeting young professionals seeking quick financial gains, with some victims reportedly losing between Shs5 million and Shs10 million. Investigations into the alleged syndicate are ongoing.
By Our Reporter
26th Aug 2026
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