Bank of Zambia threatens imprisonment for operators of ponzi, pyramid schemes


The Bank of Zambia (BoZ) has warned members of the public to cease from participating in illegal money circulation schemes, failure to which they risk imprisonment.

Ponzi and pyramid schemes are some of the illegal money circulation schemes cited by the Central Bank.

Section 157 of the Banking and Financial Services Act states that, a person who conducts or participates in a money circulation scheme commits an offence and shall be liable to prosecution.

This is according to a joint statement issued by the Central bank and Drug Enforcement Commission (DEC) in Lusaka on Tuesday.

“The public is, therefore, urged to entrust their investments with licensed entities regulated by the BoZ, Securities and Exchange Commission, as well as the Pensions and Insurance Authority,” the Central Bank indicated.

The Bank of Zambia has on many occasions investigated different money circulation schemes which have swindled members of the public funds.

Some the money circulation schemes which have been investigated are Comsave Credit Union and ONO Savings and Credit Association.

The Central Bank is currently looking into a similar case of Destiny Helpers International (DHI).

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