Tuesday, May 13 2014
In March, businessman Patrick Bitature warned the youth on engaging in binary pyramid schemes. Some of those schemes were being promoted with claims that he was a beneficiary, something he was quick to refute.
"This is a get rich quick scheme like a ponzie or pyramids scheme and is simply not sustainable. ....too add, I can't be involved in such short term gains investment opportunities. I once again encourage the youth to look at establishing good standing businesses that will last generations."
"Growing slowly maybe frustrating but wealth creation is a patience game and those who understand it earlier won't regret it." Patrick Bitature, proprietor of Simba Telecom wrote.
On May 9, the day when his refurbished Club Rouge opened to the public, Ronald Muramuzi, 30, also the new owner of The Notice Newspaper was arrested by police following several complaints.
According to Patrick Onyango, the Police spokesperson, Muramuzi got shs1.5m from 375 people with a promise to get them jobs abroad using his internet based firms. At the time, he was using Bob Mugisha as his name. Once he was done with that, he switched to opening up several online companies that have left many in tears after losing the little savings on them.
His trick was 'high returns, minimal risks' which worked and within a short while, numbers had grown. The early ''investors'' got their weekly returns and these are the ones who excitedly spread the word.
A similar scheme was banned in Rwanda leading to a sharp reduction of new entrants here in Uganda and thus causing the scam to implode.
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