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 2010-08-05 03:16 pm Back to NEWS
DEC arrests Rajan Mahtani
 Former Finance Bank chairperson Rajan Mahtani

Former Finance 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 Anti-Corruption Commission.

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 rules.

He said Dr Mahtani was on police bond and would appear in court this week.

“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.

Mr 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 Act.

The arrest comes after concluding consultations with the office of the Director of Public Prosecutions who had since given consent for the case to proceed.

Mr Nyawali said investigations in other matters involving Dr Mahtani were however ongoing and the nation would be kept informed as events unfold.

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 protected.

Meanwhile, police in Lusaka have arrested four people in connection with recent reports of incidences of debit card fraud.

Police 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.

Times of Zambia

 
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