Drug Enforcement Commission (DEC) has arrested and charged a banker for fraud and money laundering involving over K16.8 million.
DEC Public Relations Officer, Hussein Khan, identified the suspect as Kondwani Mhango, a male, aged 35, employed as a banker at a known commercial bank.
Khan said that Mhango, acting with other unknown persons on dates unknown but between May 1, 2020 and November 30, 2022, fraudulently gained access to the bank’s suspense account and stole funds amounting to K16,805,281.
“The suspect is believed to have issued instructions to the bank’s cash management operations and the cash in transit (CIT) vendor, to deliver cash to non-client beneficiaries who were later handing over the money to him after receiving it.
“Further, during the same period, the suspect is believed to have engaged in money laundering by concealing the true source of the stolen funds,” he said in a statement issued in Lusaka on Thursday.
Khan also disclosed that the suspect was charged with unauthorized access to data contrary to section 49 of the Cybersecurity and Cybercrimes Act No. 2 of 2021 of the laws of Zambia.
“Theft by Servant contrary to section 278 of the Penal Code CAP 87 of the Laws of Zambia and Money Laundering contrary to section 7 of the Prohibition and Prevention of the Money Laundering Act No.14 of 2001 as amended by Act No. 44 of 2010,” he added.
Furthermore, Khan said the Commission seized two motor vehicles, two flats in Lusaka’s Chalala area and a house in Chongwe and two Kwacha bank accounts with a total balance of K167,651.89 and one United States Dollar account with a sum of USD 655.10 have been frozen and K150,217 in cash has also been seized.
“The suspect is on bond and is expected to appear in court soon,” he said.
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