DEC Arrests Seven In Connection With Money Laundering

The Drug Enforcement Commission (DEC) has arrested seven people for money laundering related offenses involving K69.4 million.

DEC Public Relations Officer Theresa Katongo has disclosed that among the involved suspects were four Directors from Ono Initiative Limited and three Directors from COMSAVE Credit Union.

Ms. Katongo identified the suspects as Isaac Mvula, male aged 40, Ackim Mugala, male aged 39, Khuna Ncheema, male aged 65, and Chuunya Chilala, female aged 34 of Ono Initiative Limited.

Ms Katongo stated that the four, on dates unknown but between December 1st, 2018, and July 21st, 2020 provided financial services without a license and received deposits amounting to over K22.6 million from the general public.

“Particulars of the offense are that on dates unknown but between 1st December 2018 and 21st July, 2020 the four Directors of Ono Initiative limited jointly and whilst acting together with other person unknown did conduct and provide financial services without a license by receiving deposits from the general public and issuing loans.

Further, they also engaged in a money circulation scheme where they advertised to the general public for people to save with Ono Initiative limited for a predetermined return under the guise that people were joining a village banking group when in fact not. Through this misrepresentation, they obtained K22, 576,772 from members of the general public and further engaged in money laundering activities by using proceeds of crime to buy 33 vehicles and 27 houses,” Ms Katongo indicated.

She added that the other three Directors of COMSAVE Credit Union, who were identified as Muleka Given, Onester Sondashi, and Collins Chilufya, also conducted and provided financial services without a license. 

She said that through misrepresentation, the trio obtained about K46.9 million from members from the public.

“They also advertised to the public for people to save with COMSAVE Credit Union for a predetermined return under the guise that people were joining a village banking group when in fact not. Through this misrepresentation, they obtained K46, 823, 545.04 from members of the general public. The trio did engage in money laundering activities by using proceeds of crime to acquire property namely: two Mercedes Benz, D2 Buses, 01 Toyota Runx, one COMSAVE School in Mazabuka and another in Monze,” she gave details of the crimes.

Ms Katongo revealed that the seven suspects are currently on police bond and are expected to appear before court soon.

This is contained in a statement made available to ZANIS by DEC Public Relations Officer, Theresa Katongo.

This article originally appeared on Lusaka Times