Nakawa Chief Magistrate Alum Agnes has charged British–Nigerian national Charles Lambert (34) and Kenyan Caroline Waweru with giving false or misleading information contrary to Section 84(b) of Uganda's Capital Markets Act.
Prosecution led by Annet Namatovu told court that between October 2017 and November 2018 in various parts of the country, the suspects spread false information to induce Ugandans to buy shares in their company of Development Conglomerate well knowing that the information was false
The pair however denied the allegations of running a pyramid-based investment scam through Development Conglomerate Limited, which duped unsuspecting Ugandans of large sums.
The prosecutor asked court or adjournment as investigations are still ongoing.
Some of the victims of this scheme who attended court said the suspects used President Museveni’s forged manifesto with their adverts inside to to lure them into this scam.
One of them, Richard Kimuli said he offered transport services to the company but duped and asked to fuel their cars but they ended up not being paid.
