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A Finnish investor has accused officials linked to a Ugandan mineral trading company of orchestrating a high-level international gold scam spanning Uganda, Kenya and Dubai, leaving him millions of shillings in losses.
The complaint, now with the Uganda Police Force, Minerals Protection Unit, has thrust Oyztar Minerals Company Limited back into the spotlight—barely months after the firm was cited in another multi-million-dollar gold scandal involving Indonesian and Emirati investors.
The new case was filed by Tuomo Ronkainen, a Finland-EU national, at Central Police Station (CPS) Kampala, recorded under Reference No. 06/04/08/2025 and categorized as aggravated fraud. Police documents indicate the suspected scheme unfolded between March 28, 2025, and the present, with the suspects “still at large pending arrest.”
The file is assigned to D/AIP Atine Elvan Denish.
Gold Deal Begins Smoothly
According to the police statement, Ronkainen’s troubles began more than a year ago, when he entered what he believed was a legitimate 300-kilogram gold transaction with Oyztar Minerals, a company he understood to be fully licensed in Uganda’s growing minerals sector.
To ensure transparency, he dispatched his representative from Finland to Uganda to oversee the melting of the gold nuggets into bars, weigh them, and verify purity. The intermediary handling the local operations identified himself as Samuel Kamanzi, but Ronkainen later learned his real name is Rusovio Didier.
The process appeared authentic. The gold was melted and tested in Kampala. The supposed seller, Ismael Camara, participated in the transactions. Denis Anderson Lukwago, introduced as the CEO of Oyztar Minerals, accompanied the buyer’s representative on the trip from Kampala to Dubai—reportedly escorting the shipment.
Upon arrival in the UAE, the team even visited a warehouse said to contain the consignment.
Everything, at first, looked legitimate.
Documents Disappear, Excuses Begin
Trouble started once the parties reached Dubai.
Despite verifying the supposed arrival of the gold, Ronkainen did not receive export documentation, customs clearance, or official certificates.
The seller, Camara, allegedly claimed he needed additional funds to pay taxes before releasing the consignment. He repeatedly promised to resolve the issue, deliver the gold, or refund the money. None of those promises materialized.
Weeks stretched into months.
“Every step looked organized. They created a believable structure. But once the gold was supposedly in Dubai, everything changed,” Ronkainen said in his official statement.
The Finnish investor eventually filed a criminal complaint, submitting contracts, photographs, identity documents and travel logs as evidence. He claims to have lost over USD [amount withheld] in the unfolding scam.
Key Figures Cited in Complaint
The complaint highlights three key figures: Denis Anderson, alleged CEO of Oyztar Minerals. He reportedly traveled with the buyer’s representative to Dubai and participated in what the investor believed was final verification of the shipment.
The second one is Rusovio Didier (alias “Samuel Kamanzi”). He is said to be a ocal agent involved in Kampala operations. He allegedly oversaw melting and documentation using a false name, according to the complaint.
And then Ismael Camara, alleged gold seller. Accused of delaying the release of the shipment and repeatedly citing unpaid “taxes.”
According to the Minerals Protection Unit’s preliminary note, investigations have not formally commenced and the suspects remain “at large.”
Finnish Investor Speaks Out
Speaking to Redpepper online via WhatsApp, Ronkainen said the business opportunity initially came through family contacts.
“My wife’s sister is married to a Togolese man. She introduced me to a person named Ben Bogla, who personally knew this gold seller, Ismail Camara. That’s how this gold business started in Uganda,” he said.
He explained that although the contract provided for an initial delivery of 25 kg, the seller insisted on shipping the entire 300 kg “as a gesture of goodwill” to enable future large-scale transactions.
“I sent a person from Finland to follow the whole process,” he said.
New developments
According to Ronkainen, he has recently received new and troubling information.
He says he has been told that the initial 300kg gold allegedly belonged to individuals “linked to the first family,” and that there might be “nothing much he can do about it.” These claims remain unverified.
He further says that the original investigating officer informed him that one shipment containing 100 kg of the gold had been located and seized.
However, this discovery came with a new twist: He was allegedly asked to pay USD 38,000 to “modify documentation” for the release.
“While I accept the procedure being handled through an official authority, the terms have changed compared to our previous agreement. We are now being asked to pay $38,000 for document modification,” he told Redpepper.
The demand has raised yet more suspicion about the actors involved.
Redpepper understands the matter has now been forwarded to the State House Anti-Corruption Unit (SHACU), and the complainant has been advised to cooperate with the ongoing processes.
Oyztar Minerals at glance
This is not the first time Oyztar Minerals has been embroiled in controversy.
Earlier this year, the company was cited in an alleged Shs 18 billion (USD 5 million) gold scam involving investors from Indonesia and the UAE. In that incident, Oyztar Minerals and a lawyer affiliated with the firm publicly denied any wrongdoing, calling the accusations “baseless” and “defamatory.”
The re-emergence of the company’s name in a new cross-border dispute has reignited concerns among regulators and international traders about the opaque and highly vulnerable nature of East Africa’s gold export channels.
Uganda’s gold trade under cloud
Uganda’s mineral sector has boomed over the last decade, drawing investors from Europe, Asia and the Middle East. But the sector is also plagued by criminal syndicates posing as exporters, using forged documentation, rented offices, and international accomplices to deceive unsuspecting buyers.
Ronkainen’s case fits many of the red flags documented by anti-fraud watchdogs: alias-using agents, seemingly legitimate melting and testing, escorted shipments, a Dubai warehouse visit, sudden “tax” demands, disappearance of documents and shifting conditions and unexpected fees.
For now, the case is under review by multiple authorities, and the Finnish investor waits for formal investigative action.
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