The credit crunch is still biting to the extent that even tycoons are chocking. The latest information we are getting indicates that another tycoon could join the long list of fake tycoons that include Mike Ezra, Meddie Ssentongo, and Bad Black among others.

Richard Nalima borrowed Shs30m in October 2011 from a lady only identified as Juliet and promised to pay back with interest of Shs5m by December 2011 after leaving her with a Gayaza land title as collateral security.

The last day for the loan period passed and Nalima had not made good his promise. This prompted Juliet to check with the land title offices but on checking, it turned out that the title was in different names.

The Police spokesperson Idd Senkumbi confirmed that Nalima had been arrested. The tycoon made a statement after Juliet reported the matter to police vide case number CR/E/05/2012.

The tycoon had actually stopped driving his posh car from the moment he learnt that he was a wanted man. On Tuesday, the Tycoon was being driven around Kampala Road in a tinted BMW, police swung into action after a tip off and arrested him.

Nalima managed to raise 5million from fellow tycoon Bosco Ntaganda who also spoke to the Kampala Metropolitan Police Commander Andrew Felix Kaweesi to secure his release. Bosco and Juliet were yesterday evening working out ways of solving the balance in two installments.

NALIMA which is also the number plate to his Chrysler is the Chairman of young tycoons under their umbrella organisation ''Twagalane'' that is affiliated to ''Kwagalana''