• They fraudulently collected deposits amounting to K134, 865,286.
• They engaged in money laundering involving proceeds of crime by receiving and possessing cash at hand amounting to K766, 552.49.
• The Commission has seized these funds and frozen the accounts.
Drug Enforcement Commission (DEC) has seized funds from Kamano Farms Initiative Limited amounting to K766, 552 cash, K15, 531, 722 in various bank accounts and K38, 611 in mobile money accounts suspected to be proceeds of crime.
Commission Public Relations Officer Hussein Khan revealed in a statement that DEC, through its Anti-Money Laundering Investigations Unit arrested Directors, Chairperson and Treasurer of the Kamono and Kamono Cooperative Society Limited for fraud and money laundering involving over K134 million.
Mr. Khan disclosed that those jointly charged and arrested are Fanwell Zulu 35, Enock Chibutu 29, Maxwell Masempela 55, Mirriam Soko 30, and Matimba Chongo 32.
“Particulars of the matter are that the suspects, in their capacity as Directors, Chairperson and Treasurer respectively of Kamono Farm Initiative Limited and Kamono Cooperative Society Limited jointly and while acting together with other persons unknown on dates unknown but between 1st January 2021 and 30th September 2022 provided banking business and financial services to members of the public without a licence from the Bank of Zambia by fraudulently collecting deposits amounting to K134,865,286,” Mr. Khan stated.
He explained that Kamono invited members of the public to invest in their various agricultural schemes which resulted into the collection of the above funds purporting that they would get returns when in fact not, as the production levels at the farms could not generate such returns.
“Further, they engaged in money laundering involving proceeds of crime by receiving and possessing cash at hand amounting to K766, 552.49, and funds in various company bank accounts amounting to K15, 531,722.99 as well as in various mobile money accounts amounting to K38, 611.04. The Commission has seized these funds and frozen the accounts. The suspects are on bond and will appear in court soon,” he added.
Meanwhile, Mr. Khan advised members of the Public to be of money circulation schemes to avoid losing their hard earned money.
“The Commission would like to set the record straight that according to its investigations 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. The DEC is committed to quality service delivery to the people of Zambia by vigorously investigating money laundering and financial crime,” Mr. Khan said.
