‘Shady’ money firm busted
‘‘The three have been jointly charged for providing banking business, financial business or financial services without a licence; conducting or participating in a money circulation scheme, obtaining money by false pretences, and money laundering contrary to the laws of Zambia.’’
A LUSAKA-BASED financial company has allegedly duped its clients that it was going to invest their more than K28 million when in fact not.
The company, identified as Heritage Coin Resources Limited, has been accused of collecting over K28, 000,000.00, disguised as partnership fees, from unsuspecting clients on the pretext that it was going to invest the money into cryptocurrency trade on the web but the money allegedly ended up in its accounts. Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Decentralised cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation. But the alleged shady scheme has gone sour after the Drug Enforcement Commission (DEC), through its Anti-Money Laundering Investigations Unit in Lusaka, arrested and charged three directors of Heritage Coin Resources Limited for money laundering offences involving over K28, 000,000.00. In a statement yesterday, DEC assistant public relations officer Chibu Mwansa Tembo said, those arrested are Hilda Agnes Raubenheimer, 35, a businesswoman of Salama Park, Orient Rio Zekko, 29, a secretary of plot number 1468/20/01 Ibex Hill, and Tapiwa Chirwa, 40, a managing director of house number 1245 Avondale. Ms. Tembo said the three have been charged for providing banking business, financial business or financial services without a licence; conducting or participating in a money circulation scheme, obtaining money by false pretences, and money laundering contrary to the laws of Zambia. She said particulars of the offence are that the suspects, on dates unknown but between June 1, 2018 and October 15, 2018, with other persons unknown provided banking business, financial business or financial services to the public without a license. It is alleged that the trio collected deposits from the public, disguised as partnership fees, and conducted or participated in a money circulation scheme involving K 28,346,800.00 by purporting that the company was investing the money into cryptocurrency trade on the web on behalf of the partners when in fact not. “It is further alleged that the trio obtained money by false pretences and engaged in money laundering activities involving K 28,346, 800.00 by collecting the said amount from the public and depositing it into the company’s accounts, thereby, engaging directly or indirectly in business transactions that involved proceeds of crime. “The three suspects are currently on police bond and will appear in court soon,” Ms. Tembo said.
Particulars of offence are that the suspects, on dates unknown but between June 1, 2018 and October 15, 2018, jointly and whilst acting together with other persons unknown provided banking business, financial business or financial services to the public without a license.