KAMPALA — The Uganda Police Force has raised an alarm over an online investment platform operating in Uganda under the name “Hut 8,” following complaints from members of the public who allegedly invested money after being promised high returns.
According to Police, preliminary information indicates that individuals were lured through social media platforms to deposit money into the scheme, with some investors now reportedly facing difficulties accessing their accounts or withdrawing their funds.
Police, however, said it has not yet received formal complaints from victims, even as concerns surrounding the platform continue to emerge.
The Police clarification comes after the legitimate Hut 8 Corporation, a North American company, publicly disassociated itself from investment solicitations being made in its name in Uganda.
The company has stated on its X account that it has no authorised representatives or investment operations soliciting funds in Uganda, raising concerns that individuals behind the scheme may be unlawfully using the company’s name and identity to attract unsuspecting members of the public.
Police said it is working with relevant regulatory and financial-sector agencies to establish the full circumstances surrounding the activities, identify the individuals or entities involved and take appropriate action in accordance with the law.
The force has urged anyone who may have invested in the alleged platform to report to the nearest Police station and provide all available evidence that could assist investigators.
Such evidence may include mobile-money and bank transaction records, payment references, telephone numbers, social-media accounts, online links, screenshots, chat messages and details of individuals who recruited or promoted the platform.
Police also issued a warning against making further payments to individuals claiming they can unlock frozen accounts or facilitate withdrawals.
“Victims should also exercise caution when approached by individuals claiming they can recover lost funds in exchange for an upfront payment,” Police warned, noting that such approaches could amount to another form of fraud.
The warning comes amid growing concern over online investment schemes that use social media to promise unusually high returns while collecting money from the public.
Police said further updates will be provided as investigations progress and encouraged members of the public who have lost money or have information about the alleged scheme to come forward.
The force’s intervention also underscores the importance of verifying investment companies and their authorised representatives before sending money, particularly where investment opportunities are promoted exclusively through social media platforms.
