The Drug Enforcement Commission and the Bank of Zambia are investigating a Company trading as Heritage Coin Resources Limited which has been operating in the Financial sector without a license from the Bank of Zambia and other sector regulators.

Drug Enforcement Commission Deputy Public Relations Officer Kamufinsa Manchishi said the Company is being investigated for activities contrary to the Prohibition and Prevention of Money Laundering as well as the Banking and Financial Services Acts respectively.

“The company has since been offering financial services and collecting deposits from members of the public. As such, the Commission together with the Bank of Zambia are currently investigating the company for activities contrary to the Prohibition and Prevention of Money Laundering as well as the Banking and Financial Services Acts respectively”. Mr. Manchishi has said.

Mr. Manchishi urged members of the public who may have been making deposits with the company to remain calm and contact the Commission’s Anti-Money Laundering Investigations Unit for further information.

“The Commission wishes to warn members of the public to always be cautious when dealing with financial institutions owing to the increase in financial crimes as well as companies promising unusually high returns on deposits”. He added

Meanwhile, Mr. Manchishi said the Commission through its Anti-Money Laundering Investigations Unit in Lusaka has arrested one person for money laundering activities involving over $360,000.00 United States Dollars.

Likando Kamayoyo, 32, a Sales Representative of plot number N22 Chamba Valley in Lusaka District has been arrested and charged with theft by servant, theft by agent and money laundering, contrary to the laws of Zambia.

“Particulars of the offences are that the suspect, on dates unknown but between 1st January, 2016 and 1st November, 2017 whilst acting together with other persons unknown did steal agro-commodities worth $366,199.80 US Dollars in separate incidents from his employers and two Agro-Companies in Lusaka.

Mr. Manchishi said facts of the matter are that the suspect in his capacity as a sales representative of a named fertilizer distribution company in Lusaka stole fertilizer worth $49,200.00 by purporting that the said fertilizer had been supplied to a named customer when in fact it was supplied to his company called Agro Home.

He said the suspect further fraudulently collected 22,320 by 50Kg bags of white maize grains worth over $316, 000 US Dollars from a named Agro-Company purporting that he was acting on behalf of his employer when in fact not.

Mr. Manchishi said the suspect has been released on Police bond and will appear in court soon.

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17 COMMENTS

  1. This is the reason the establisment is against crypto currency. it is because they cannot regulate it and they cannot control you or what you do with your money. Most of those BOZ chaps and DEC have no idea what crypto currency is, to start with. They need to taken for further training. Alot of ignorance

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    • CAN THE BOZ AND DEC PLEASE READ A BIR MORE ON CRYPTOCURRENCE BEFORE THEY MAKE BIG F.O.O.L.S OF THEMSELVES.
      You can regulate that currency because it was designed out of reach of brick and mortar establishments.
      Anyways, try your luck.

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    • BOZ is a let down.

      Focus financial has been involved in financiL transactions bordering on money laundering.

      Siphoned off policyholders K17 million from Focus General insurance and left a hole, not able to pay salaries to staff, claims to policyholders.

      Madison Asset Management run down by unscrupulous lending to Focus Financial a company that is closed for good.

      Madison General Insurance is insolvent. Its current liabilities are many times of its liquid assets, it has k160,000,000 financial guarantee liability invoked.

      Where us BOZ?

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  2. This is why regulations of economics is necessary as opposed to Moono’s thesis from the other day. In a society without strict financial regulations, it becomes so easy to operate a company offering financial services and even collecting deposits from members of the public.

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  3. Lungu has tarnish d the image of Zambia abroad.

    Somebody sent me a hardcopy of newspaper paper in Norwegian with lungus pictures

    I come from east province and find this disgusting.

    These are issues to worry bank of Zambia and DEC not Btcoin

    LUNGU-MUST-GO

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  4. Let’s face it ,when it comes to crypto currencies BoZ is impotent and handicapped to a large degree. Crypto currencies are the perfect tool for criminal syndicates perhaps Lungu will use it for hiding proceeds of corruption.

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  5. Fighting the darkness is always in futile. Why cant we fight real issues of the planes being bought at exorbitant prices. Dubiously doubled prices to get the difference – thieves and thieves with no shame. Students allowances, civil servants meagre salaries etc. Not Bitcoin – those are personal and dark web businesses – forget!!!!
    Disaster!!!

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  6. Technically the fraud is being committed with fiat currency or cash as it is commonly known
    I doubt they are taking crypto currency deposits from the public. Blockchain has a digital ledger so information is always readily available to look up

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  7. Heritage Coin is eradicating poverty. Point blank… a lot of students are using it to pay school fees and those with hopes of starting businesses are using it to raise capital. Unapologetically I am benefiting from their services. In developed countries institutions have been set up to monitor and control institutions or individuals benefiting from crypto trading. Kenya is one of the countries that has embraced this initiative in order to help eradicate poverty. They have even set up a ministry solely disgnated to handling such issues. I know people who buy stocks online and are at a risk of losing money because they are not insured. Heritage coin is insured thus regardless the outcome we are protected from losing our money. They are like a middle man.

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  8. This is what happens to the country where people are used to seing others wallowing in poverty.such initiatives are likely to bring the gap between the poor and the Rich people.am sure the influence is coming from banks because they know their business will dwindle.by the way,is there anyone who has complained of being swindled or what??if no member of the public has complained,then why instigating such institutions which God is using to reach out to the less privileged

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    • Dec and boz. U must know that I am Zambian with proper profession qualifications. But no job. Leave heritage alone for me. It’s my time to eradicate poverty from life.

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  9. Dec and boz. U must know that I am Zambian with proper profession qualifications. But no job. Leave heritage alone for me. It’s my time to eradicate poverty from life.

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  10. Dec and Boz please solve the issues with heritage as soon as possible because am depending upon what I invested in the company to pay my tuition fees,heritage gave me hope that my life will be better since relatives are not helping, your consideration will be highly appreciated

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