DEC and Bank of Zambia investigating Crypto-Currency Heritage Coin Resources Limited
Zambia’s DEC in collaboration with the Bank of Zambia is conducting investigations on Heritage Coin Resources Ltd. which has been running operations within the finance sector despite not having an official license issued by the Bank of Zambia or industry regulators.
Calling the Public to Share Details of Crypto-based Deposits
DEC public relations officer, Kamufinsa Manchishi stated that investigations are currently underway in order to determine activities that may have violated laundering policies in the nation in addition to any financial service Acts in place. He noted that the company offers financial solutions and collect deposits from community members. He pleaded with the public who participated in such actions to keep calm and report to the Commission’s Anti-Laundering unit to receive further details.
Manchishi Urgest the Public to Act Cautiously When Utilizing Financial Services
Manchishi stated that the organization warns the general public to be very cautious whenever utilizing financial service providers particularly due to the rise in finance-oriented crimes in recent years. He also confirmed that under the policy in place by the Commission’s Anti-Money laundering division based in the city of Lusaka, an individual found to be linked to criminal acts valued at $360,000 was detained.
The aforementioned individual, Likando Kamayoyo, is a thirty-two-year-old Sales rep operating in the Lusaka area has been issued charges of money laundering as well as theft related acts violating policies in place by Zambian government organizations. Offenders have been under the investigation of illegal activities conducted in the timeframe of early 2016 to November 2017 in collaboration with undetermined participants to steal funds totaling more than $366,000 from both employers and two companies based in the Lusaka area.
Manchishi also stated that the fact of the situation is that through the individual's ability as a sales rep for the Lusaka based fertilizer distribution company, Kamayoyo stole product worth nearly $50,000 under the guise that it was supplied to a known customer. However, in reality, it was given to his own company by the name of Agro Home.
Suspect to be Trialed in Upcoming Court case
The deputy explained that the remaining $316,000 was attained by stealing over 22,000 50KG sacks of corn grains from an agricultural company claiming he was following orders issued by his employers who in fact were unaware of the event. It has been confirmed that the suspect of these financial related crimes was released from custody on bail and will be making an appearance in court to continue the investigation process.