THE Financial Intelligence Centre (FIC) has revealed a sophisticated cryptocurrency scam that defrauded several Zambian nationals of approximately K600,000 over a period of six months.
The FIC’s investigation began after it received multiple reports about suspicious transactions involving cryptocurrency investments.
According to the report, the victims, all Zambian citizens, were approached by unknown individuals on social media platforms who persuaded them to invest in cryptocurrency schemes promising high returns.
Instead of using regulated local cryptocurrency platforms, the victims were directed to send their funds to wallet addresses linked to a Virtual Asset Service Provider (VASP) registered in another country, referred to as Country J.
These wallet addresses were not connected to the victims’ usual cryptocurrency providers.
Despite making substantial investments, the victims did not receive any interest or profits, nor were they able to recover their initial investments.
Further analysis revealed that some of the funds had been withdrawn from these foreign wallet accounts through the VASP registered in Country J.
The FIC estimates that the total amount lost by the victims is around K600,000.
“The matter was disseminated to the relevant LEA (law enforcement agencies) and was under active investigation,” read the FIC report.
The Financial Intelligence Centre has since urged the public to exercise caution when investing in cryptocurrencies, especially when dealing with unknown individuals or platforms outside regulated environments.
The Centre recommended verifying the legitimacy of any investment opportunity before sending funds.
By Catherine Pule
Kalemba, July 30, 2025
