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The Drug Enforcement Commission has arrested three Directors of Kamono Farm Initiative Limited and Kamono Cooperative Society Limited for fraud and money laundering involving over 134 million Kwacha.
The Commission has also arrested the Chairperson and Treasurer of the initiative and Cooperative Society Limited.
The DEC has jointly charged and arrested FANWELL ZULU, ENOCK CHIBUTU, MAXWELL MASEMPELA, MIRRIAM SOKO and MATIMBA CHONGO for providing Banking Business or Financial Services without a Licence and conducting a money circulation Scheme.
Commission Public Relations Officer HUSSEIN KHAN says the five jointly and while acting together with other persons unknown on between January 2021 and September 2022 provided banking business and financial services to members of the public without a licence from the Bank of Zambia.
He says the five fraudulently collected deposits of over 134 million Kwacha from the public who were invited to invest in the various agricultural schemes under Kamono purporting that they would get returns when in fact not.
Mr. KHAN says Kamono directors further engaged in money laundering involving proceeds of crime by receiving and possessing about 766,552 Kwacha cash and funds in various company bank accounts amounting to 15.5-million Kwacha and 38,600 kwacha in various mobile money accounts.
He said in a statement that the Commission has seized the funds and frozen the accounts while the suspects are on bond and will appear in court soon.
Mr KHAN says DEC investigations have revealed that Kamono was a money circulation scheme perpetrated by unscrupulous individuals to defraud members of the public of their hard earned funds by promising unrealistic returns on investments.
ZNBC
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