HUT 8 Corp, a North American investment corporation, has warned the public in Uganda about scammers who are falsely claiming to represent the company and soliciting money from unsuspecting investors.

The corporation has made it clear that it has no operations or investment partners in Uganda, distancing itself from individuals and platforms using its name to promote an alleged artificial intelligence investment scheme.

The warning comes amid reports that hundreds of thousands of Ugandans have lost millions of shillings to the scheme, which promises unusually high returns within a short period.

The scammers reportedly tell prospective investors that they can earn money by investing in the rental of so-called AI machines, with different packages purportedly linked to equipment such as generators, water pumps and other machines.

For example, an investor may be asked to put in about UGX 100,000, with claims that the investment could generate profits of more than UGX 800,000 within 14 or 30 days, depending on the package selected.

All transactions are reportedly conducted in Ugandan shillings, making the scheme appear tailored specifically to the local market.

One of the features raising concern is the reported method of payment. Instead of paying through a recognised business merchant code, some victims are allegedly instructed to send money directly to individual mobile-money accounts.

While legitimate businesses can receive payments through mobile-money merchant services provided by operators such as MTN and Airtel, the presence of a merchant code by itself does not prove that an investment platform or business is genuine.

Financial fraudsters often use attractive returns, familiar corporate names and apparently professional online platforms to create an impression of legitimacy and encourage people to invest more money.

HUT 8’s warning therefore serves as a caution to Ugandans to verify investment opportunities directly with the companies they claim to represent before sending money.

Members of the public are particularly advised to be suspicious of schemes promising extraordinarily high returns within days or weeks, especially where payments are directed to personal mobile-money accounts.

The public is urged not to send money to individuals claiming to represent HUT 8 Corp in Uganda, unless the relationship can be independently verified through the corporation’s official channels.

HUT 8 has urged members of the public to remain vigilant and avoid falling victim to fraudulent schemes operating under its name.