DEC busts fake cash scheme

By LINDA SOKO TEMBO A SOUTH African and Zambian have been arrested for money laundering involving over K6 million and US$140, 000. Simphiwe Cyprian Gewensa, 24 and Mubanga Mwale, a 32-year-old Zambian were arrested by the Drug Enforcement Commission (DEC) working with the Securities and Exchange Commission (SEC). DEC Public Relations Officer, Theresa Katongo said Gewensa, a financial controller at Earn Mo Holding was arrested with Mwale for various offences under the Securities Act No. 41 of 2016. The South African was operating under Earn Mo Digital Marketing and Advertising Limited. Ms Katongo said the suspects allegedly obtained over K6, 946, 945 and over US$143, 810. From various people, pretending that the money would legitimately earn a predetermined interest of up to 100 percent per month when in fact not. “The DEC has since seized K608, 615 and US$13,620 in cash from the suspects,” she said. She has since warned the public not to invest in such schemes as they risked losing their money. Ms Katongo said the DEC had received many complaints from the victims who had invested their  money in some institutions.