MAZABUKA IN CASH FRENZY

…Pyramid scheme depositors rush to get cash back

HUNDREDS of Mazabuka residents who had invested their money with Ono Savings have thronged the two firms’ offices following a directive that all investors be refunded their money.

The Drug Enforcement Commission (DEC) was ordered to lift the seizure on the accounts belonging to schemes to facilitate the re imbursement of money deposited in the scheme plus interest.

By mid morning, the Mazabuka offices premises were swarming with anxious depositors who wanted to get their money back.

Ono Savings has been ordered to pay the investors the money they deposited into the company inclusive of interest and the company is also required to recover the loans owed to the entity.

A check by the Daily Nation found hundreds of clients waiting to get their investments back.

Some of the customers confirmed that payments have started being made.

According to a joint statement earlier issued by the DEC and the Bank of Zambia, a plea agreement was concluded with the promoters of Ono Savings pursuant to which the seizure on the accounts has been lifted by DEC following a directive from the Director of Public Prosecutions.

In July this year, DEC working with the Bank of Zambia seized the bank accounts of Comsave Credit Union and

ONO Savings and Credit Association for operating without a licence.

Other terms of the Plea Agreement include the requirement for Ono Savings and Credit Association to periodically report to the Anti-Money Laundering Unit of the Drug Enforcement Commission and to the National Prosecutions Authority on the status of its obligations under the said agreement.

Those with claims are advised to contact Ono Savings and Credit Association.