KAMONO Farm Initiative Limited and Kamono Cooperative Society Limited fraudulently collected over K134 million from Zambians, the Drug Enforcement Commission (DEC) has revealed.
Following the arrest of the company’s directors, chairperson and treasurer many, Zambians have had a sleepless night as the they wonder the outcome of their investment.
The Commission charged Fanwell Zulu, 35, of Ndola, Enock Chibutu, 29, of Kabwe, Maxwell Masempela, 55, of Flat No. 4 Kapiri East, Mirriam Soko, 30, Chilenje and Matimba Chongo a male aged 32 of Meanwood Ndeke in their capacity as directors, chairperson and treasurer, respectively who jointly worked together with others on dates between January 1, 2021 and September 30 last year provided banking business and fraudulently collected deposits amounting to K134,865,286 from people.
It is reported that suspects provided banking business or financial services without a licence.
They also conducted a money circulation scheme contrary to the banking and financial services act and money laundering.
In a statement to Kalemba, DEC public relations officer Hussein Khan said Kamono invited members of the public to invest in their various agricultural schemes which resulted into the collection of the above funds.
He said the company purported that they would get returns when in fact not, as the production levels at the farms could not generate such returns.
“Further, they (Kamono) engaged in money laundering involving proceeds of crime by receiving and possessing cash at hand amounting to K766, 552.49, and funds in various company bank accounts amounting to K15, 531,722.99 as well as in various mobile money accounts amounting to K38, 611.04.”
“Kamono was a money circulation scheme perpetrated by unscrupulous individuals to defraud members of the public of their hard earned funds by promising unrealistic returns on investments,” Khan said.
Khan said the Commission seized the said funds and froze the accounts.
He said the suspects are on bond and will appear in court soon.
By Moses Makwaya
Kalemba April 20, 2023
.
