The Drug Enforcement Commission (DEC) has arrested Secretary General of the Cross Boarder Association of Zambia for money laundering involving K300 million.
Anthony Lungu, 51, acting together with other unknown people obtained and stole K300 million from members of his Association who had contributed various amounts of money as security deposit fees for them to access loans.
According to DEC spokesperson John Nyawali, Lungu in his capacity as Secretary General of the Cross Boarder Association of Zambia entered into an agreement with a named commercial bank to provide loans to his members after contributing security deposit fees but the facility was cancelled by the Bank.
He continued collecting contributions from his members on pretext that the loans were going to be given when in fact not.
Nyawali said Lungu has been released on a K50 million bond and further asked to provide two working sureties in managerial levels.
Nyawali says the Commission would like to state that it has tightened preventive and detective measures to ensure that Zambia does not become a safe haven for money launderers and would therefore, urge members of the public to take advantage of the whistle blowers protection laws to report any suspect illegal activities.
- Menu "primary" not defined.
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