K50 MILLION PONZI SCHEMERS FACE JAIL

SEVEN

directors of two Ponzi schemes, Ono Savings Ini tiative Limited and COMSAVE Credit Union will now be prosecuted for allegedly failing to honor a plea agreement involving refund of over K50 million owed to 10,000 investors.

In 2020, DEC through its Anti-Money Laundering In vestigations Unit arrested and charged seven directors who include four from Ono Initiative Limited and three from COMSAVE Credit Union for money laundering related offences involving K69.4 million.

Those to be prosecuted are Directors of ONO Savings, Isaac Mvula 40, Ackim Mu gala 39, Khuna Ncheema 65 and Chuunya Chilala, female aged 34.

Others are Given Muleka Given, male aged 29, Onester Sondashi, female aged 33 and Collins Chilufya, male aged 42 who are directors of COM SAVE Credit Union.

And DEC public relations officer Mathias Kamanga said in a statement to the Daily Nation that following successful investigations into the operations of Ono Savings and Credit Associ ation and Comsave Credit Union, the State entered into an ex-curia agreement with the Directors in which it was agreed that they would re fund the investors.

He explained that the re funds were to be made by 30th September, 30, 2021 for Ono and 31st December, 31, and 2021 for Comsave at a lower rate than they had initially promised the investors.

Mr Kamanga said the Di rectors for the two schemes have failed to refund the in vestors as per said agreement entered into by the two par ties and that therefore the state has decided to prose cute them for the offences for which they were initially charged and arrested for.

He has since advised the af fected investors to be patient and allow the legal process to complete and that the state will issue an update once the case has been disposed-off in the court of law.