A JOINT investigations team of Drug Enforcement Commission (DEC) and Anti Corruption Commission officials has arrested former Finance Bank chairman Rajan Mahtani for alleged money laundering involving over K80 billion.
DEC spokesperson John Nyawali confirmed Dr Mahtani’s arrest in a statement released in Lusaka.
Mr Nyawali said Dr Mahtani’s arrest comes after Director of Public Prosecutions Chalwe Mchenga gave consent for the case to proceed following conclusion of consultations with the investigations team.
“However, investigations in other matters involving Dr Mahtani are ongoing and the nation will be kept informed as events unfold.
“The commission would like to warn that it will investigate and prosecute anyone involved in money laundering activities regardless of their status in society to ensure protection of the national economy,” Mr Nyawali said.
He said Dr Mahtani, 62, a resident of Finance House Cairo Road, Lusaka, has also been arrested for flouting Banking and Finance Services rules.
It is alleged that on dates unknown but between January 1, 2003 and December 31, 2009, Dr Mahtani jointly and whilst acting with some unknown people, directly or indirectly engaged in a business transaction that involved property acquired with proceeds of crime when a total of K81,700,253,230 was deposited into bank accounts of Finsbury Investments Limited.
The accounts were kept at Finance Bank’s corporate branch, the bank in which Dr Mahtani had more than 25 percent shares. This was contrary to the Banking Act.
Mr Nyawali said Dr Mahtani has since been released on bond and will appear in court soon.
Early this year, Dr Mahtani resigned as Finance Bank board chairperson on grounds that he wanted to protect the bank’s interest, and to defend himself from allegations leveled against him.
[Zambia Daily Mail]
Lock up all these ID10TS and throw away the keys, and GRZ make sure that the homelss move into their houses.
I do not take pleasure in people being arrested. However, I wonder why Mr Mahtani has been in trouble with the Law from the Kaunda era to date.
This is political you guys why was he not arrested by Levy? is it because he has fallen out of favour with rupiah Banda? I hear president Banda has new Indian Friends from Chipata and NOT abena Mahtani who are ex Ndola residents like me. VIVA ZIMA NDOLA. THE PACT WILL RELEASE YOU.
lt where are my comments?
A very stupid fellow I must say. Himself together with his Indian legal adviser Zaheeda Essah need to be locked up in prison for Life. The same arrest whould equally apply to Chiluba and BY, and very soon.
People I have agree with “I The Jury” he is right, this is a guy “Mahtani” has been in trouble from KK’s days, he has used his money to always get out of a bind,his companies are all headed by Indian cronies never top eligible and educated Zambians
Am not an MMD supporter at all, however on this I support them 100%, Zambia needs legitimate business men, local and foreign if ever we are to go anywhere, this crooking business must end for good
Rich people in Zambia have always been in trouble with the rulers. Heinrich the founder of what came to be known as National Breweries was hounded out by KK. So was the owner of Shapiro Milling which was nationalised by KK and renamed National Milling company. Zambians you hate rich people. You only prosper at stealing and destroying those who create wealth.
THIS GUY IS HOT HEADED KNOWS AMA DEALS AND SMARTER THAN UMU ZED. ITS ONLY UNDER LEVY THAT HE WASNT ARRESTED. HE KNOWS HOW TO PLAY ARROUND WITH FIGURES AND MONEY, HE IS TOO SMART FOR OUR COPS OR LEGAL SYSTEM I DONT THINK WE CAN NAIL HIM TO THE CROSS. HE THINKS LIKE A NIGERIAN BUT I DO HOPE HIS TIME IS UP NOW
I hope its not just a cosmetic arrest just so we can again read of the famous nolle prosequi. If on the contrary he is arrested then let all aquitals be revisited bcoz serious connections exist with men of such stature
I don’t get this, how has the guy managed to own 25% of the bank if this is illegal? Where has the Bank of Zambia been all these years? Can you trust the efficiency of this central bank if someone can get away with something as serious as this for so long?
Zambia stinks@7. Well, you know the guy who was fond of hounding businessmen in the old days. The same guy who was invited to witness the opening of ‘Pick ‘n’ Pay’ in Woodlands last week. The guy could not see the irony of it all as he’s the one who kicked them out in the first place. Yeah, you got it right. KK himself.
BUT, if Mahtani has broken the law, I don’t see why he should’nt face the music. This has nothing to do with the way KK used to run his show.