The Financial Intelligence Centre (FIC) has revealed how a K10 million loan acquired from a bank based in Zambia was used to purchase luxury vehicles, heavy-duty motor equipment, farmland, and related equipment.
According to the FIC, 25 individuals alleged to be employees of Company Q and Company P were found to have colluded with the companies’ directors to defraud the bank.
A review of the bank statements of the 25 individuals showed they had collectively accessed loans amounting to K10 million. Subsequent verification has revealed that both Company Q and Company P were shell entities.
Further analysis has indicated that the funds were primarily withdrawn in cash via ATMs and mobile money platforms, and used to purchase the said items.
By Prudence Chota
