The Bank of Zambia (BoZ) and the Drug Enforcement Commission (DEC) have disclosed that tremendous progress has been made regarding ongoing investigations into the operations of Ono Savings and Credit Association (OSCA) and Comsave Credit Union (Comsave) whose accounts were recently seized.
In a joint statement issued to Money FM News, the two institutions reiterated that their primary focus is to ensure that interests of all stakeholders are protected, while the due process of the law takes its full course, hence investigations of such nature require enough time to conclude.
“We wish to reiterate that our primary focus is to ensure that interests of all stakeholders are protected, while the due process of the law takes its full course. This requires that investigations are thorough and comprehensive. We, therefore, wish to implore members of the public to remain calm as investigations of this nature take time to conclude,” the institutions stated.
The institutions disclosed that the central bank has made substantial progress in consolidating the membership database for OSCA and Comsave and that the process is expected to be concluded within the next few weeks.
“The membership database will form the basis for the verification exercise that shall be conducted thereafter. We, therefore, wish to remind members of the public who had undertaken financial transactions with either Comsave or OSCA, to ensure that they keep safely documentary evidence that shows proof of having transacted with OSCA and Comsave,” they said.
They further appealed to members of the public to remain calm as investigations are still ongoing.
Recently, government temporarily suspended the operations of two Mazabuka based village banking groups to pave way for investigations into money laundering allegations.