Buganda Road Court Wednesday granted bail to Telexfree and Adfast fraud suspect, Ronald Muramuzi.
Muramuza was freed after on Sh300m non cash bond after presenting to court depositing his passport, a land title and three sureties.
The sureties included brother Edward Barijje, Richard Karuhanga, a lawyer aged 40 and Chris Katibalirwe 46, a doctor. They were each bonded on sh200m non cash bail each.
Muramuzi is facing two counts of obtaining Shs500 million from one John Bosco Muhiirwe, the director of Mixed Links, purporting to take youth for jobs abroad.
Muramuzi, owner of Club Rouge, Dynasty Newspaper and several buildings in the city center is also charged with three counts of fraudulently obtaining more than Shs 2 billion from online customers.
He denies all of the charges.
Muramuzi’s woes started when he was netted by the police on 10 May this year, the day one of his newly acquired properties, Club Rouge was re-opening after a month closure for renovations.
According to Police, Maramuzi in 2012 started up different online which were to sell memberships that promised weekly returns of 20per cent or more for those who promoted the companies by recruiting new members and placing the companies advertisements on free internet ad sites.
Among the companies that he has been operating include TESCO FREE, Adfast Inc, Telex free, Bank Electro, United Hype League and Massive Ads .Com but all were opened under different names Morgan Mugisha, Bob Mugisha, Muramuzi Ronald Kato and Kato Ronald.
However, of all the above companies, it looks it is Adfanstic. com has greatly contributed to his troubles.
Prosecution alleges that between October 7, 2013, and May 8 this year in Kampala, Mr Muramuzi and others still at large created a website called Adfast. com which he used to trade in money through electronic transfers using his agents and conspirators.
They sold to hundreds of unsuspecting customers and received more than Shs2 billion, well knowing he was committing electronic fraud.
By the time the police arrested him, it is suspected he had fleeced money from over 600 people amounting to overall of Shs 4 Billion from all the companies.
Muramuzi is expected in court again on July 7, for case mention.
