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    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

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    Castoff: How Sevo Used Music to Boost His Bush-war but has for 42yrs Ignored the Loud Cries for the Copyright Law

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    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

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    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Stephen Kissa the Pace-setter

    Stephen Kissa: Unveiling the Country’s Pace-maker who set Ace Cheptegei`s World Athletics` Gold and Bronze Medals

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
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  • Tech
    • All
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    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Liquid Telecom to host first cloud event of its kind in Uganda

    Liquid Telecom to host first cloud event of its kind in Uganda

    TECNO Mobile Uganda Skills Graduates Through Its Graduate Trainee Program

    TECNO mobile Uganda skills graduates through its graduate trainee program

    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
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    Lost Legacy and Wealth: Five Years Later, and Singer Mozey Radio Fails to Sleep Soundly as his Family Struggles to Survive

    Lost Legacy and Wealth: Five Years Later, and Singer Mozey Radio Fails to Sleep Soundly as his Family Struggles to Survive

    Good to Go: Speaker Anita Among Endorses Chameleon’s Gwanga Mujje Concert, Singer Leaves the Rest to Fate and God

    Good to Go: Speaker Anita Among Endorses Chameleon’s Gwanga Mujje Concert, Singer Leaves the Rest to Fate and God

    Castoff: How Sevo Used Music to Boost His Bush-war but has for 42yrs Ignored the Loud Cries for the Copyright Law

    Castoff: How Sevo Used Music to Boost His Bush-war but has for 42yrs Ignored the Loud Cries for the Copyright Law

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    Stay in your lane just: Chasing for the shiny goals won’t make you any happier because happiness resides from within you

  • Lifestyle
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    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    The Lost Friends: You still feel rejected even after trying? It wasn’t to be. You were brave. You tried. But you have to let go now

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    Know Just How We Impact On Others: I think back to days when a genuine ‘have a good day’ from the store clerk lifted me

    Trending Tags

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    • MotoGP 2017
    • eSports
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    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

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Fraud Exclusive: Another City Financial Institution Defraud Ugandans 700 Millions of Hard-Earned Cash

They were never registered as a deposit company but they do anyway

March 3, 2020
inUncategorized
Fraud Exclusive: Another City Financial Institution Defraud Ugandans 700 Millions of Hard-Earned Cash

Accomplices? Richard and Cathy Mbabazi

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KAMPALA, Uganda: Another city Financial Institution is on the spot for defrauding several Ugandans of millions in Shillings after reportedly duping them into depositing money. RICA Microfinance and Business Solutions is a Money Lending Company which has been in existence since 2011.

It has branches in Kampala, Iganga, Jinja and Lira. However, this institution allegedly duped several Ugandans through persuading them to invest with the company. The managing director Cathy Mbabazi persuaded several friends to invest with the company after promising them to earn monthly deposits. Mbabazi co-owns the companies with her husband Richard Mbabazi.

It is not clear how many customers invested with RICA Limited but information obtained by our intelligence from some of them indicate that there are over 20 customers who invested their money with the mysterious company which operates under different names .

It operates under names like RICA Microfinance Ltd, Rica Limited, Rica microfinance and Business Consultancy solutions among other names. It was licensed as a Non Deposit Making Microfinance Institutions by Tier 4 and Microfinance Regulators.

Several of its investors are crying foul and some of them have pleaded with us to bring out their plight, claiming that efforts to recover their money seems in balance even when they reported their case to the microfinance regulators, a government authority.

The customers demand monies ranging from, 120millions, 150Million Shillings, 77million Shillings, 50million Shillings, and 3million Shillings among others. This company’s indebtedness is close to 700million Shillings most of which is money invested by Nkuba Kyeyos.

Customers who have asked not to be named for fear of losing their money with the institution say they were duped and persuaded by Cathy Mbabazi who claimed she is born again. They allege that even after investing their money, RICA’s Mbabazi is elusive and never picks up their calls.

The customers now demand that RICA sells off its assets and pay them. They have different receipts issued by RICA under different names. Documents obtained by The Investigator indicate that RICA Ltd is transacting business fraudulently. This scandal comes weeks after another Microfinance Institution Dunamiscoin Limited defrauded several Ugandans in Kampala, Masaka, Mbale, and Jinja among others.

Contacted for a comment, Mbabazi sounded ignorant of any claims from her customers. “Hello, I have seen this. Who are those clients and how much are they demanding? I don’t understand,” she responded upon approaching her through WhatsApp.

When contacted, officials at the Uganda Microfinance Regulatory Authority confirmed our sources’ plight. “It’s true there are some complaints against RICA but we are trying to engage management for a solution,” Eddie Bindhe, the PRO told the Investigator. Asked why they allowed a Non Deposit company to solicit money from their customers, Bindhe went silent before we lost him. Watch this space…

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Robert Ndawula
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