False Bishop Ntabazi forms Ponzi Scheme
A false Bishop Ntabazi has formed Ponzi Scheme to rob gullible Ugandans. Bishop Fred Ntabazi boasts of Pio Digital Academy; a forex trade shackle; and a church known as One Light International Ministries all housed in Padre Pio building on Lumumba Avenue.
Imagine a man of God dealing in a Ponzi scheme, moreover the so called Bishop ! Fred Ntabazi, uses church to ensnare gullible Ugandans. After he preaches to the flock, he sets them to bring dimes to Pio Digital Academy.
Like any mufere/ conman/ untrustworthy dealer, Ntabazi uses many business names. He has Pio Digital Academy, where he sits and it is a well branded working office in the Padre Pio Building, first floor, with state of art decor; Electric-security check detectors , manned by mean-looking illiterate persons, who jealously guard and work in the interest of their boss.
The security detail of Fred Ntabazi is the same as that of troubled Pastor William Muwanguzi aka Kiwedde, had. One day the security team of Pastor Kiwedde, tied a woman who had come to ask for her sh 8 m she had given to the pastor, but the team claimed she was mad. They actually tied her on a tree and she cried until she dropped.
That is what the men at Ntabazi’s Ponzi Scheme are doing. Well, The Drone Media can exclusively reveal that Fred Ntabazi in his dubious Ponzi Scheme; has detoothed (dubiously taken money) many Ugandans including a Ugandan-American-based Golfer.
According to the documents The Drone Media has on its desk, Fred Ntabazi and Patrick Olobo, signed a Memorandum of Understanding (MOU) in the matter of contract Act 2010, to do online forex trading.
This was to open, trade and manage Patrick Olobo’s account on JaxPlatform, but Fred Ntabazi has since breached it. According to the documents, the MOU was executed on 19th November, 2019. Yet the two had agreed that any party who acts in breach of the MOU should be liable to the other for any resultant damages suffered or loss occasioned.
In the furtherance of the MOU, Patrick Olobo deposited sh 5 millions on Absa bank account on 30th November, 2019, which was at Fred Ntabazi’s disposal to trade with at his sole discretion.
The client profile was construed as being an integral part of the of the agreement. According to the MOU, Ntabazi was given mandate to receive monies and take investment decisions.
Ntabazi was also to use best business strategies to ensure profitability of Patrick Olobo’s deposit. Ntabazi guaranteed Patrick Olobo a weekly returns on profits of the investment. The grace period of two (2) weeks was set from the date of receipt of the monies to set up account and undertake measures to commence trading.
Also, weekly accrued profits was to be paid every Saturday, proceeding the week in which it was made. The mode of payment was stipulated on the profile form. All payments were designated to the bank account given by Olobo on the profile form.
The parties agreed that payments would be sent by either Bitcoin, a designated account or Mobile money. The MOU commenced and came into effect at the date of final deposit of signatures and stamps of both parties, which was November 30th, 2019, but Ntabazi has breached everything. According to Olobo no single money has been returned. The man who flaunts Bible is what he does.