High-Stakes Gold Fraud: Businessman Luyima Godfrey Netted For Defrauding South Korean Investor Of Ugx2Billion

By Our Reporter

The State House Anti-Corruption Unit, in collaboration with the Criminal Investigations Directorate (CID) and the Office of the Director of Public Prosecutions (ODPP), has arraigned businessman Luyima Godfrey before the Kampala Capital City Authority (KCCA) Chief Magistrate’s Court on charges of fraud linked to a gold scam.

Luyima faces multiple counts including obtaining money by false pretence, uttering false documents, and forgery.

According to prosecution, in September 2021, while in Kampala, Luyima allegedly defrauded Hyun Uk Kim, a South Korean national, of more than USD 600,000  (about UGX 2.34 billion) after falsely claiming he could supply him with 53 kilograms of gold. Investigators say the accused disguised himself as a Congolese gold dealer under the alias Likambo Augustine and presented forged documents to make the fraudulent transaction appear genuine.

The court also heard that the case is linked to earlier charges brought in 2023 against Balondemu David, Mkwe Eric, Mugisha James Jeff, and Maviri Godfrey, which were dismissed under unclear circumstances. The Director of Public Prosecutions has since ordered the reinstatement of charges against all the suspects involved.

Luyima has been remanded until 10th September 2025, pending further hearing.

Authorities warn that the case underscores the growing threat of sophisticated gold scams in Uganda, which have left several foreign investors and locals defrauded of millions of dollars.