OVER TWO MILLION KWACHA FORFEITED TO THE STATE
Over two Million kwacha held in SHADRECK ZULU’s account at a premier banking institution has been forfeited to the state.
This follows investigations initiated by the Zambian based bank which identified suspicious transactions RECEIVED from Cayman Islands prompting immediate flagging.
National Prosecution Authority Public relations officer CHALI HAMBAYI says the Authority working with the Drug Enforcement Commission DEC and the bank collaborated on the matter and established that Mr. ZULU used a forged National Registration Card to open the account and received funds from the Cayman islands.
He says Mr. ZULU declined to respond to the allegations during interrogation and did not contest the forfeiture application which was granted by the Court to the applicant by the Director of Public Prosecutions DPP.
Mr. HAMBAYI explains that on December 1, 2023, the Lusaka High Court delivered a significant judgment.
He said after a comprehensive examination and consideration of all evidence, the High Court granted a non conviction based forfeiture order to the applicant who is the DPP.
Mr. HAMBAYI says the triumph underscores the importance of concerted efforts to ensure illicit financial transactions are addressed while money laundering is combated and ensure accountability in financial transactions.
This is according to a statement issued in Lusaka today.