Dec says people who invested in seized Mazabuka village banking groups will forfeit money

Dec says people who invested in seized Mazabuka village banking groups will forfeit money

News written by Byta FM Zambia

The Drug Enforcement Commission, (DEC)
says all the money from money circulating
schemes may be surrendered to the state to
send a correct message to participants.

DEC Senior Investigations Officer under the
Anti-money Laundering Unit, Mathias
Kamanga says the law is clear that
participating in such schemes is a crime in
itself.

During a Syndicated Covid-19 Programme on
Byta FM Monday morning, Kamanga said the
commission will not be giving money to
participants of a money circulating scheme.
“I think we in the past, we had a case with
Heritage coin where people, atleast got a
percentage of what they had invested and all
those things because we had moved in. But I
think for this time around, like I stated
earlier, the law is very clear – participation
in a money circulating scheme, is an offence
by itself. And so, will do the investigations
and take the matter to court and allow the
court to be able to forfeit all the money to
the state,” said Kamanga.

“Probably that will send the correct message
to the public, so that all people can know
that before you can be able to invest in
anything, you should be able to find out, is
this thing registered with the correct
regulators. If it was to go under, what was
going to happen? If these people were to run
away like it was in the other cases that we
have handled in Ikulile, Heritage coin. What
is going to be able to happen at the end of
it all,” he added.

Earlier, Kamanga stated that promising people
over 2000 percent profits in a once-off
investment is not village banking, but
“money schemes that are meant to steal from
the people of Zambia.

He says participants in a village banking
group are like-minded people that take part
in the entire activities of the association
from its formation to the sharing of profits
arising from its monthly savings.
Kamanga says members of village banking
initiatives make monthly contributions and
share profits according to their total
earnings, contrary to expecting hugebenefits from a single payment.
DEC is part of the investigating team that
has seized bank accounts including property
for Ono Savings Association and Comsave
Credit Union on allegations of being involved in illegal money circulating schemes.

The two institutions have dismissed allegations of being involved in illegal activities and say members make their profits through savings and loan repayments with interest.

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COMMENTS

WORDPRESS: 8
  • comment-avatar
    Edwin 2 days ago

    At first I thought BOZ and the so called DEC were there to protect the Citizens from loosing their money. But now I understand them very well now. They are actually after the Citizen’s money. If their interest was to protect the Citizens, then they should have cautioned the two institutions long before they gained that trust and accumulated those funds. But they had to wait until the accounts are fat so that they can share and enjoy nicely poor pepple’s money. God will punish you severely. 

    If your interest was to safeguard Citizen’s money, then how is it so difficult to refund their money back? 

    Mr Kamanga, you can’t issue those remarks to say ” …so that the public can learn” mind you, the law relys on preecidents. The fact that you refunded people from Heritage coins, precedent was estanlished. Why should you not refund this time? 

  • comment-avatar
    Don't Care Sakala 3 days ago

    PF Zambia Pvt Ltd is a bunch of thieves. I totally understand why Lungu is hated. PF law has double standards. Tasila illegally fenced off government property. No repercussions from your so called law! Instead ati ”she’s a good girl & deserves a second chance”. Continue to nail your own coffin. Zambians have learned a hard lesson. You can not expect a hungry fox (ECL lawyer wa njala) to guard the hen house. This man IS a peasant at heart. Clearly failed to go from party President to President of the country. Some people are just meant to remain small. Humble idiot.

  • comment-avatar

    It’s not fair u guys do u think u are going to be seating on peoples lights enough is enough OK let me tell u pf will lose 2021 because of this things because this people they didn’t storen any money there making there savings to take care of there children then to day u are talking like this why this is rubbish return the money to my fellow Zambian go and arrest people in government there too much corruption in government but u never even arrested one y for poor Zambian which law are u talking about arrest people in government not enocent people let me tell u something God one day is going to do something

  • comment-avatar
    Mwanza 6 days ago

    Why why?? There are no jobs, no business opportunities, nothing for the citizens. We make our own initiatives ati no money laundaring. Where is money laundering here. Who is laundering who. Let Zambians be for once mwe.

  • comment-avatar
    Justus 6 days ago

    One would think that the reason why many people are participating in these schemes is to try and raise more money to make ends meet because times a quite hard to be honest with ourselves.

  • comment-avatar
    Kanayo 6 days ago

    U want to give the money to the State people’s money to the State I wonder

  • comment-avatar

    Sad development to my fellow citizens by being fooled like that but God will reward them more than they spent

  • comment-avatar
    James bond 007 6 days ago

    This is not fair at all. Why treat people like this? Is it because this scheme is from southern province?
    Come on pf.