The Lusaka Subordinate court has convicted a South African National who the Drug Enforcement Commission (DEC) arrested in March 2021 for operating a money circulation scheme.
Siphiwe Gewensa 24, and former Financial Controller in EarnMo Holdings Digital Marketing and Advertising Company was arrested for the subject offence which is contrary to the Banking and Financial Services Act and money laundering contrary to the Prohibition and Prevention of Money Laundering Act.
DEC Public Relations Officer Mathias Kamanga said the company had received a total of about K7,000,000.00 from members of the public as deposits promising them an interest of 100% interest per month for every deposit.
Mr Kamanga said much of the money is believed to have been externalized and the Commission only managed to salvage K608,615.00 and US$13,620.00 which is yet to be forfeited to the State.
He said the Commission has warned members of the public not to be lured into making investments into companies such as this one which promise unrealistic interests such as this.
“Remember that the law is very clear that even participation in a money circulating scheme is also an offence and they risk losing all their hard earned income to such fraudsters,” he said.