Three people accused of orchestrating a multi-million-shilling fake investment scheme have been charged and remanded to Luzira Prison.

Eric Lugeleka Talemwa, a 42-year-old Tanzanian businessman, Eve Gershom Tania, 39, and Bob Tumwebaze Anthony, 30, an accountant, appeared before Buganda Road Chief Magistrate Ronald Kayizzi on Thursday.

The trio was jointly charged with 21 counts of obtaining money by false pretence and one count of offering securities without a licence, contrary to provisions of the Penal Code Act and the Capital Markets Authority Act.

Prosecution led by Ivan Kyazze told the court that investigations were complete and that disclosures were ready for defence.

"Your Worship, the inquiries are complete, and we are ready to disclose the evidence to the defence," Kyazze submitted.

According to the charge sheet, the suspects allegedly defrauded over 20 Ugandans of more than Shs640 million between March and October 2023, under the guise of a bogus investment scheme based at Plot 14/16 Semawatta Road, Ntinda.

The accused are said to have falsely promised high returns on investment capital without holding any valid licence from the Capital Markets Authority.

Among the alleged victims are Charlotte Jachan, who reportedly lost Shs10 million; Isaac Onen, Shs22 million; Ritah Ainebwe, Shs120 million; and Nicholas Bisase, who is believed to have lost Shs159 million—the highest recorded individual loss.

All three accused pleaded not guilty to the charges.

Their defence lawyer, Gerald Mabonga, applied for bail citing the availability of sureties, which was echoed by Tania and Tumwebaze when prompted by the magistrate.

“Your Worship, the accused has reliable sureties and is willing to comply with all bail conditions,” he said.

However, the Chief Magistrate declined to entertain the bail application, directing the defence to first upload all necessary documents on the Electronic Court Case Management Information System (ECCMIS). The matter was adjourned to July 9, 2025, for a formal bail hearing.

In the meantime, the accused were remanded to Luzira Prison.

If convicted, the trio faces lengthy prison terms under Ugandan laws governing fraud and unlicensed financial operations.

The court also heard that more suspects remain at large and that investigations are still ongoing.