Uganda’s Euro Gold Refinery Chief Released on Police Bond in Fraud Probe
Euro Gold Refinery chief Benard Feni is out on police bond in Uganda in a probe of an alleged US$3.5 million gold fraud. His lawyer denies any fraud. The post Uganda’s Euro Gold Refinery Chief Released on Police Bond in Fraud Probe appeared first on The Rio Times .
Benard Feni, the chief executive of Euro Gold Refinery in Kampala, was released on police bond in a fraud probe. He was arrested on September 8th in connection with an alleged gold fraud against two Sudanese buyers. The buyers, Gafar Ibrahim and Nagi Mohammed, claim a gold consignment stored at Duck Hunters Security Company disappeared.
They wrote to President Yoweri Museveni on June 29th, alleging a loss of US$3.5 million. Museveni ordered Inspector General of Police Abas Byakagaba to personally oversee the case. The buyers have sought help from various state bodies, including the State House Anti-Corruption Unit and military intelligence. Feni was arrested with a foreign-exchange handler and three others, including a former head of the security company.
Security sources want Feni to bring in a staff member named Sam, who allegedly processed the "fake gold." Museveni suggested Uganda should have fewer gold traders, preferably those with refineries that would be accountable. Euro Gold Refinery has faced fraud allegations before, including a lawsuit in 2025 over reports linking it to a German investor's losses.
The company was officially launched in July 2025 and is Uganda's first fully locally owned gold refinery.
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