K15MILLION KAMONO FARMS MONEY TO BE FORFEITED TO THE STATE
DIRECTOR of Public Prosecutions (DPP) Gilbert Phiri has applied that money ranging between K20,000 to K15 million which is in the seized Kamono Farm Initiative Limited (KFIL) bank accounts should be forfeited to the State.
Mr Phiri has filed a notice of motion seeking forfeiture of the money because it is suspected of being proceeds of crime.
Through Drug Enforcement Commission (DEC)’s Anti-Money Laundering Investigations Unit (AMLIU), the State wants the court to allow the forfeiture.
This is according to court documents filed before the Economic and Financial Crimes Court- High Court division.
DEC senior investigations officer under AMLIU Given Sakala submits that in April 2022, he was assigned a docket involving suspected fraudulent transactions at KFIL.
Following investigations, Mr Sakala established that KFIL had been soliciting deposits from members of the public by promoting investment opportunities in farming ventures.
The company also promised investors a predetermined return on their contributions.
Shouldn’t the money be returned to those who were conned by this company?
If I recall correctly, this was some kind of Ponzi scheme.
The money should be handed over to BOZ so that it can be returned to those who invested. At least they will be able to recover something instead of losing everything.
How does the BOZ come in? In the first place this was an iligality on the part of the company and by extension the participants. Only institutions licensed and regulated by the BOZ can solicit and receive deposits from the public. The BOZ has time and again warned against these ponzi schemes but unfortunately people are so gullible that they fall in to the trap. Hard luck to those that invested.