DEC public relations officer Theresa Katongo revealed to the Sunday Nation that among those arrested for money laundering activities were four directors of ONO Initiative Limited and three COMSAVE Credit Union directors.
She identified the suspects as Isaac Mvula 40, Ackim Mugala 39, Khuna Ncheema, 65 and Chuunya Chilala, female aged 34 who are directors of ONO Initiative. Ms Katongo also named the three others as Muleka Given, 29, Onester Sondashi 33 and Collins Chilufya, male aged 42 who are joint Directors of COMSAVE Credit Union.
She stated that the four, on dates unknown but between December 1, 2018 and July 21, 2020 provided financial services without a license and received deposits amounting to over K22.6 million from the general public.
“It is alleged that on dates unknown but between 1st December, 1, 2018 and July 21, 2020, directors of Ono Initiative limited jointly and whilst acting together with other persons unknown did conduct and provide financial services without a license by receiving deposits from the general public and issuing loans,” she said.
Further, she explained, they also engaged in a money circulation scheme where they advertised to the general public for people to save with Ono Initiative Limited for a predetermined return under the guise that people were joining a village banking group when in fact not.
Ms Katongo said through this misrepresentation, the four obtained K22, 576,772.00 from members of the general public and further engaged in money laundering activities by using proceeds of crime to buy 33 motor vehicles and 27 houses.
She said similarly the three directors of COMSAVE Credit Union identified as Muleka Given, Onester Sondashi and Collins Chilufya, conducted and provided financial services without a license by receiving deposits from the general public and issuing loans.
She said they also advertised to the public for people to save with COMSAVE Credit Union for a predetermined return under the guise that people were joining a village banking group when in fact not adding that through this misrepresentation, they obtained K46, 823, 545.04 from members of the general public.
Mr Katongo further disclosed COMSAVE directors engaged in money laundering activities by using proceeds of crime to acquire property namely, two Mercedes Benz, D2 Buses, one Toyota Runx, two COMSAVE Schools in Mazabuka and Monze.
She said all the seven who are currently on police bond have been charged for money laundering, conducting and providing financial services without a license, conducting a money circulation scheme, obtaining money by false pretenses and being in possession of property reasonably suspected to be proceeds of crime.
She said the suspects would appear in court soon.