3 KAMONO FARM INITIATIVE DIRECTORS, CHAIRPERSON AND TREASURER ARRESTED FOR FRAUD AND MONEY LAUNDERING AMOUNTING TO MORE THAN k130 MILLION
THREE Directors , the chairperson and treasurer of Kamono Farm Initiative Limited have been arrested and charged with fraud and money laundering amounting to more than K130 million.
Those charged by the Drug Enforcement Commission (DEC) are Fanwell Zulu, Enock Chibutu, Maxwell Masempela, Mirriam Soko and Matimba Chongo.
DEC Public Relations Officer Hussein Khan said the suspects are charged for providing banking business or financial services without a licence, conducting a money circulation scheme and prevention of money laundering.
“Particulars of the matter are the suspects all of Kamono Farm Initiative Limited and Kamono Cooperative Society Limited jointly and while acting together with other persons unknown on dates ,but between January 1st, 2021 and September 30th, 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,” he said.
Mr Khan said Kamono invited members of the public to invest in their various agricultural schemes which resulted into the collection of the funds purporting that they would get returns when in fact not.
He however said 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,” he said.
Mr Khan said that the Commission has seized these funds and frozen the accounts and that the suspects are on bond and will appear in court soon.
“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 Commission would also like to advise members of the public to be weary of such schemes as they may lose their money,” he said.
Source: Mwebantu