Police officers escort Abdul Nasir Ikuna who’s being investigated as a key suspect in the US$450,000 gold fraud involving an Indian-British investor Mr. Singh Satbinder. The investor was allegedly deceived into financing a fake gold export deal since 2024 through promises of thousands of kilograms of gold. The State House Investors Protection Unit (SHIPU) together with together with the Police Mineral Protection Unit (PMPU) are involved in the investigations, this was during a press conference at the SHIPU headquarters in Kampala on the 6th August 2026. Photo by PPU/Tony Rujuta.
HABARI DAILY I Kampala, Uganda I A US$450,000 (about Shs1.62 billion) gold deal that allegedly turned into an elaborate fraud has triggered a joint investigation by Ugandan security agencies after an Indian-British investor blew the whistle, leading to the arrest of one of the suspected masterminds.
The suspect, identified as Abdul Nasur Ikuns, also referred to as Abdul Nasir Ikuna, was arrested by the Uganda Police Net through the Police Mineral Protection Unit (PMPU), working alongside the State House Investors Protection Unit (SHIPU).
Ikuns was paraded on August 6, 2026, at the SHIPU headquarters in Kampala as investigations continued into what authorities believe could be a wider cross-border fraud network.
According to SHIPU Senior Information Technology and Public Relations Officer Bryan Henry Vubya, preliminary investigations indicate that the investor, identified as Singh Satbinder, was lured into a gold export venture in 2024 after being promised a supply of 20 kilograms of gold.
The investor reportedly paid US$450,000 through a combination of cash and bank transfers, with receipts allegedly issued by the suspects. Investigators further established that some of the money was reportedly routed through an entity presented to the investor as the suspects’ legal representative.
Cross-border delays raise suspicion
The alleged fraudsters reportedly employed a series of tactics designed to convince the investor that he was dealing with legitimate gold traders while repeatedly delaying completion of the transaction.
According to investigators, the investor was invited several times to Uganda and neighbouring countries, including Kenya, supposedly to finalise the deal.
On one occasion, the complainant reportedly travelled to Kenya after facilitating arrangements for a meeting, only to allegedly be abandoned by the suspects.
Investigators also found that meetings had been scheduled in Germany, a move they believe was intended to prolong the transaction while creating an impression of an organised international business operation.
Despite the delays, the investor continued pursuing the deal and eventually signed contractual documents with the suspects.
Fake Gold, forged documents
The case took a dramatic turn when the investor was finally handed what was presented as the agreed 20-kilogram gold consignment.
Upon verification, however, the consignment reportedly did not correspond with the transaction that had been agreed upon, prompting the investor to seek intervention from Ugandan authorities.
Investigators subsequently uncovered another potentially serious element of the alleged scheme: forged documents reportedly bearing the letterhead of the Special Forces Command (SFC).
The documents were allegedly used to create an impression that the transaction had government backing, knowledge or approval.
Authorities say such conduct, if proved, could have consequences extending beyond the financial loss suffered by the investor.
The use of government letterheads in a fraudulent transaction could damage the credibility of state institutions and undermine confidence among foreign investors seeking to do business in Uganda.
Suspect Assists Investigators
Following the investor’s complaint, PMPU and SHIPU intensified investigations, eventually leading to the arrest of Ikuns.
Authorities said he is currently assisting detectives as they work to establish the full extent of the alleged fraud, identify other individuals who may have participated in the scheme and trace any proceeds connected to the suspected crime.
The investigation remains ongoing, and authorities have indicated that additional suspects could be identified as detectives examine the financial transactions and documentation used in the alleged operation.
SHIPU has meanwhile urged investors involved in gold and other mineral transactions to exercise extreme caution before committing funds.
The unit advised investors to conduct thorough due diligence, verify licences and supporting documents with relevant government authorities and seek guidance from recognised regulatory agencies.
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