The Times of Zambia (Ndola)

Zambia: Two Nabbed for Money Laundering

28 July 2012

A BANKER and a business executive in Chipata have been arrested for alleged theft and money laundering involving more than K300 million.

Mike Kabwe, 29, a banker residing at 1806 Chipata Motel and Petros Banda, 39, of farm number 120 Kapara also of Chipata have been arrested and jointly charged with theft and money laundering.

In the second offence, Kabwe is separately charged for theft by servant and fraudulent false accounting.

The duo was arrested by the Drug Enforcement Commission (DEC) and would appear in court soon

DEC Spokesperson, Samuel Sillomba has said in a statement in Lusaka yesterday that Kabwe, while acting as bank custodian at a named bank in Chipata, fraudulently credited Banda's account by debiting the account of Alliance One Zambia Limited to the tune of K349, 316,250.

The offence was alleged to have been committed between January 1 and July 13, this year.

Mr Silomba said the suspects later used the money for personal gain.

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