It all started with a company called BLQ which promised Ugandans massive returns when they invested with it.
This company claimed to be a sports betting company where they themselves gave their investors games to wager on.
And they promised that they can't lose... and incase the game loses, they give a full refund with a 4% of their wager.
So, you might ask, how did people get scammed?
Ok. Here is the story. .....
As people deposited their cash to stake on the games this company was giving, they wanted to accumulate more profits since the company promised a 4% account increase daily on the amount of cash that was still within the app.
So, people deposited millions of uganda shillings. Some borrowed from banks and others used their life savings since the return from this company was alot and they thought they could retire sooner than they had anticipated if their investments with this company grew within a year.
After this company had gathered billions of uganda shillings from its victims, they started bringing up excuses to those who tried to withdraw cash.
Until later when they closed and announced on their social medias that they were out.
People at first couldn't believe what had happened until when they gathered at the company's office and they found the place locked with no traces of when they shifted.
The government had warned the citizens of these internet scams and companies that promised huge returns for the shortest period of time but due to the economic turmoil the citizens are going through, everyone thought this was a revival opportunity to pay off all their debts and live a better life after.
