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.
Lusaka, April 20 – 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 K134 million.
The Commission has also arrested the Chairperson and Treasurer of the Farm Initiative and the 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 unknown persons, between January 2021 and September 2022, provided banking 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 K134 million 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.
Also Read: Hichilema fails to face the truth, fires IG.
Mr. Khan says Kamono directors further engaged in money laundering involving proceeds of crime by receiving and possessing about K766,552 cash and funds in various company bank accounts amounting to K15.5 million and K38,600 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.
Woodpecker’s Digest is on Facebook. To follow our articles on Facebook, like our page by clicking HERE.
©2022 Woodpecker’s Digest Inc.
Putting news into perspective
