There is no unique business model in this world. Whatever model a company chooses to deploy, it has been used or applied by someone elsewhere. Whenever someone says that they are one of a kind in the whole world, chances are very high that they are alluding to something scary with a little garnish to make it easily pass.
The Mall fund is one of those companies that present themselves as one of its kind in the whole world. It is important to note that whatever is referred to as one of its kind simply implies that they are experimenting. And like many experiments, it is either destined for a great breakthrough or a catastrophic failure.
However, to debunk their submission, it is likely not to be true when the Mall fund claims to be one of its kind. Besides their diversity in investing in different agricultural-related products, they are no different from Capital Chicken. The Uganda police issued a statement today informing the general public that The Mall Fund, similar to Capital Chicken, is under investigation by the Criminal Investigation Department of Uganda police, and the Capital Markets Authority of Uganda.
It is very important to note that all investment firms are required to be licensed by the Capital Markets Authority. The Mall Fund is not one of those companies that are licensed to carry out investment business on behalf of the general public in Uganda. Whoever deals with them will likely end up like the capital chicken customers who lost more than five billion Uganda shillings.
Here is a summary of the police statement.
CID continues to investigate circumstances under which several victims were defrauded to a tune of Ugx 5 billion, by Capital Chicken Limited. The victims were offered profits as returns, through an online investment contract, at an attractive interest rate of 40 – 60%. The company is being investigated for operating a business of fund management without a licence, operating without an investment advisors licence and for obtaining money by False Pretence. Its against the above background that we would like to caution the public about other Ponzi Companies in the market, some of which are under investigation by CID in coordination with the Capital Markets Authority. These include; Veta plan, Mall Fund, Great Wealth Youth Platform Africa, Cashmulla, Pio Crypto, Premium Clusters, Contract Kapital and Pacs Capital Limited among others. For instance, under Cashmulla, a user deposits Uganda shillings 17,000, and is encouraged to invite other users and earn a commission from users under them, which is a classic pyramid scheme tactic. The user cannot recover or withdraw their money
[…] investigation by CID in coordination with the Capital Markets Authority. These include; Veta plan, Mall Fund, Great Wealth Youth Platform Africa, Cashmulla, Pio Crypto, Premium Clusters, Contract Kapital and […]