FUD betting platform says they have not swindled anyone instead just froze people’s money accounts.

According to a statement by one of the FUD advisor Jack, availed to Zambian Eye on 29th June 2023, says the platform has an agency team that used FUD platform to launder money.

Jack says in order to cooperate with the investigation of the relevant National Departments, all funds on the FUD platform have been frozen until the end of the investigation.

He says FUD platform is verified by the National Regulatory Authorities.

Jack says in order to reduce some losses for everyone, the platform hired a famous American lawyer.

The law firm Simpson Thacher & Bartlett Sheng Xin law firm came to defend the rights of the platform to solve this incident.

And Jayden, an attorney with the Simpson Thacher & Bartlett Advocacy Team says FUD is a financial investment platform, so it is regulated by international agencies (SEC). Because (SEC) is the regulator of the Capital Markets in Zambia. It was established through an Act of Parliament, the Securities Act no. 41 of 2016.

Jayden says during the period from February to June 2023, multiple agency teams on the FUD platform exploited loopholes in the corporate operating mechanism of the FUD platform to carry out money laundering activities.

The total number of accounts suspected of participating in money laundering exceeds 50k, and the total transaction amount reaches 5B+. It has seriously violated the laws of Zambia and the SEC’s regulations on the capital market, he said.

Money laundering and terrorist financing are worldwide phenomena. In Zambia, it is a criminal offense under Section 14 of the Suppression and Prevention of Money Laundering Act of 2001 and Section 21 of the Anti-Terrorism Act of 2007.

“Therefore, the international agency (SEC) and the FIC have frozen all funds of the FUD platform and corporate companies. And temporarily suspended all operations. Because the FIC is Zambia’s financial intelligence center, established in 2010 by an Act of Parliament to protect Zambia’s financial crimes and maintain the financial system, said Jayden.

He says in this case, the FUD platform hired our lawyer team to help FUD investors. According to the relevant laws of Zambia and the rules and regulations of the regulatory agency (SEC) on the capital market, under this circumstance, we can sue the SEC in the U.S. federal district court, and then carry out legal rights protection. Prove that the investor’s source of funds is clean. In this way, your funds frozen by international agencies (SEC) and FIC on the FUD platform will be unfrozen, and then returned to your account.

Jayden urges members to cooperate as the investigations are going on.

“Therefore, if you need the help of our lawyer team, you need to fully cooperate with our work, provide your account on the FUD platform, including your personal information, and screenshots of every transaction between FUD, we can help you start legal Rights protection work,” he said.

However, some of the victims from FUD scandal which has taken over social media in the past few days have reached out to Zambian Eye expressing their sad ending story with betting.

The victims who chose to be withheld their identify told Zambian Eye News that they joined the FUD betting group because of the dreams they had.

” We joined FUD because we needed to raise money to start our business, as young and energetic men we thought this could work for us but unfortunately FUD did (mulife don’t run and they run away),” said the victims.

” I had great plans with this money, I was thinking of starting a business or to build a house from this money even though what I put in was little but I believed could have multiplied by time,” said one of the victims.

In their lamentation, the young men remembered the words by President Hakainde Hichilema during one of his address that ‘youths work hard stop spending time with betting.’

Zambian Eye


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