Five Arrested for Trading Over Fake Money
The Drug Enforcement Commission (DEC) in Lusaka has apprehended five individuals involved in a counterfeit currency trading scheme amounting to over USD 475,000 and ZMW 49,000. The suspects include three Zambians, one Ugandan, and one Burundian.
The arrested individuals have been identified as Simon Mugabe, 47, residing in Chaisa compound, Undikubwayo Allain Diomede, 45, residing in Emmasdale, Chibwe Mulenga, 61, residing in Kamwala South, Musonda Bwalya, 60, residing in Rhodes Park, and Edwin Mando, 32, residing in Kamwala.
Mr. Edwin Mando from Kamwala was specifically arrested for trading in ZMW 49,700 counterfeit notes, while the remaining four suspects were jointly apprehended for dealing in USD 475,800 counterfeit notes.
DEC’s Public Relations Officer, Mwenge Mulenga, highlighted a concerning trend of counterfeit notes suspected to originate from East Africa entering Zambia. DEC Director General Nason Banda issued a stern warning, emphasizing the commission’s commitment to staying vigilant against criminal activities that could undermine the economy.
The Commission recognizes the severe consequences of counterfeit notes circulating in the economy, acknowledging the potential erosion of trust in the Zambian Kwacha. Such incidents can contribute to inflationary pressures, distort economic signals, and pose challenges for policymakers in assessing the true state of the economy.
In a related breakthrough, the DEC successfully forfeited ZMW 2,120,104.21 from Shadreck Bwalya Zulu’s account following a High Court judgment in Lusaka. This non-conviction based forfeiture resulted from meticulous investigations triggered by suspicious transactions in Zulu’s account.
The Commission’s accomplishment underscores its dedication and effectiveness in combating financial malfeasance.
The DEC expressed gratitude to the public for their collaborative efforts and urged citizens to remain vigilant, discouraging street transactions in foreign currency.
The Commission reiterates its commitment to maintaining economic stability and safeguarding the integrity of the financial system.
