The Lusaka Magistrates Court has convicted three directors of Heritagecoin Resources Limited and sentenced them to two years simple imprisonment for conducting banking business without a licence as the trio collected deposits from the public disguised as partnership fees involving K28, 346, 800.
The three convicts are identified as Hilda Agnes Raubenheimer, 35, Orient Rio Zekko, 29 and Tapiwa Chirwa, 40, all of Lusaka.
The three were arrested by the Drug Enforcement Commission on 9th November, 2018 and were convicted yesterday morning when they appeared before Lusaka Magistrate Humphrey Chitalu who sentenced them to two years simple imprisonment each with effect from 9th November, 2018.
Further, the company Heritage Coin Resources Limited has been convicted and fined K150, 000 and in default a warrant of distress will be issued against its property.
The Commission has since welcomed the judgement which will serve as a lesson to perpetrators of money laundering crimes and spur the Commission’s efforts in a quest to rid the country of money laundering as well as emerging cyber fraud.
This is according to a statement issued by Theresa Katongo, the Drug Enforcement Commission Public Relations Officer.