Maravi

DEC arrest Mahtani for alleged money laundering

DEC arrest Mahtani for alleged money laundering
By Chibaula Silwamba
Wed 04 Aug. 2010, 15:30 CAT

A JOINT investigations team of the Drug Enforcement Commission (DEC) and the Anti-Corruption Commission (ACC) has arrested former chairman of Finance Bank Dr Rajan Mahtani for money laundering activities involving over K80 billion.

In a press statement issued in Lusaka yesterday, DEC public relations manager John Nyawali stated that Dr Mahtani, 62, a resident of Finance House Cairo road Lusaka had also been arrested for flouting Banking and Finance Services rules.

“Dr Mahtani is on dates unknown but between 1st January 2003 and 31st December 2009 jointly and whilst working together with other unknown people did engage directly or indirectly into a business transaction that involved property acquired with proceeds of crime when a total of K81, 700,253,230 was deposited into bank accounts of Finsbury Investments Limited,” Nyawali explained. “The accounts were domiciled at Finance Bank (Z) Limited in Lusaka, Corporate Branch a Bank in which Dr Mahtani had more than 25 per cent shares contrary to the banking act.”

He stated that Dr Mahtani’s arrest came after concluding consultations with the office of the Director of Public Prosecutions (DEC) who has since given consent for the case to proceed.

However, Nyawali stated that investigations in other matters involving Dr Mahtani were ongoing and the nation would be kept informed as events unfold.

“The Commission would like to warn that it will investigate and prosecute anyone involved in money laundering activities regardless of their status in society to ensure that the economy of the nation is protected,” stated Nyawali.

Labels: ACC, DEC, JOHN NYAWALI, MONEY LAUNDERING, RAJAN MAHTANI

posted by MrK @ 3:07 PM