DEC arrests Rajan Mahtani
Finance Bank chairperson Rajan Mahtani|
Bank chairperson Rajan Mahtani has been arrested in connection with money
laundering activities involving more than K80 billion.
He was arrested by
a joint investigations team from the Drug Enforcement Commission and the
DEC public relations manager John Nyawali who
confirmed the arrest of Dr Mahtani, 62 in a statement yesterday said Dr Mahtani
had also been arrested for flouting banking and finance services
He said Dr Mahtani was on police bond and would appear in court
“Dr Mahtani is on dates unknown but between January 1, 2003
and December 31, 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,” he said.
Finsbury Investments Limited was a subsidiary of the
Mahtani group of companies where Dr Mahtani was also chairperson.
Nyawali said the accounts were domiciled at Finance Bank, Corporate Branch in
which Dr Mahtani had more than 25 per cent shares, contrary to the Banking
The arrest comes after concluding consultations with the office of
the Director of Public Prosecutions who had since given consent for the case to
Mr Nyawali said investigations in other matters involving Dr
Mahtani were however ongoing and the nation would be kept informed as events
Mr Nyawali said the commission would investigate and prosecute
anyone involved in money laundering activities regardless of their status in
society to ensure that the economy of the nation was
Meanwhile, police in Lusaka have arrested four people in
connection with recent reports of incidences of debit card fraud.
service spokesperson Bonny Kapeso said in an interview yesterday that among the
four who had been arrested, some were of foreign origin.
Mr Kapeso said
the four suspects were apprehended on Saturday for the purpose of helping in the
investigations into the reported automated teller machine (ATM) cyber crime.