The Uganda Police Force (UPF) has clarified its position on reports surrounding an online investment platform operating in Uganda under the name HUT8, warning members of the public against making further payments to individuals associated with the platform.

According to the Police Spokesperson, ACP Kituuma Rusoke, the Force had taken note of complaints circulating among members of the public concerning the platform, particularly allegations that individuals were lured through social media to deposit money with promises of returns before experiencing difficulties accessing their accounts or withdrawing their funds.

However, Rusoke clarified that, at the time of his latest communication with the Criminal Investigations Directorate (CID), the police had not received a formal complaint regarding the matter.

“We have taken note of where members of the public are registering complaints, though not formally, of an online investment platform operating in Uganda under the name HUT8,” Rusoke said.

He explained that the police was prepared to receive formal complaints and information from affected individuals to facilitate investigations into the circumstances surrounding the platform and identify the people or entities involved.

Rusoke also distinguished the alleged Ugandan operation from the legitimate HUT8 Corporation, saying the Canadian-listed company had publicly distanced itself from alleged activities being carried out in its name in Uganda.

According to the police, HUT8 Corporation has indicated that it does not have authorised representatives in Uganda.
“Whoever you may be dealing with in Uganda, you are dealing with them at your own risk,” Rusoke warned.

The Police spokesperson noted that the Force was working with other regulatory and financial-sector agencies to establish the full circumstances surrounding the allegations.

He urged anyone who believes they have been affected to formally report the matter at the nearest police station.

“We appeal to affected persons to formally lodge their reports with the nearest police stations,” Rusoke said.

Police warns against further deposits

The police further cautioned members of the public against making additional payments to the platform or individuals claiming they can facilitate the recovery of previously invested funds.

Rusoke said such schemes can create an environment in which victims are encouraged to continue depositing money with the hope that additional payments will enable them to recover their previous investments.

“We urge people not to make any additional payments because already we have raised red flags,” he said.

He warned that continuing to send money after the Police advisory could expose affected individuals to further financial losses.

The police is therefore calling on members of the public with information about the alleged operations, including transaction records and other relevant evidence, to come forward and make formal reports to support investigations.

The Force said investigations will focus on establishing the full circumstances, identifying the individuals or entities involved and taking appropriate action in accordance with the law.