By 
The Director of Public Prosecutions (DPP) has applied to the Economic and Financial Crimes Court (EFCC) for an order to forfeit K8.1 million held in a First National Bank Zambia (FNB) account, citing its connection to a fraudulent gold transaction.
The funds, linked to Lusaka Gold and Platinum Refinery Limited, were allegedly obtained under false pretenses in a failed gold purchase deal.
According to an affidavit submitted by Abigail Mwepya, a senior investigations officer with the Drug Enforcement Commission (DEC), the case arose from suspicious financial activity flagged by FNB in October 2022.
Investigations revealed that a Dubai-based gold trader, Almaz Dryrydaev, acting on behalf of Smienski Holding LLC, had been introduced to Lusaka Gold and Platinum Refinery Limited through intermediaries in Zambia.
Dryrydaev transferred $77,775 (approximately K4.3 million) for the purchase of 45 kilogrammes of gold.
However, despite assurances and documentation suggesting that the gold had been shipped, authorities later confirmed that the airway bill provided was fraudulent, and the gold was never delivered.
Further probes uncovered a second transaction involving 123 kilograms of gold, for which an additional K8.1 million was paid to Lusaka Gold and Platinum Refinery Limited, allegedly for export-related expenses.
Read More: Govt’s conduct in airport gold scandal, a ‘reprisal’ attack, Businessman Kasanda alleges
However, the supplier, Damphen Clearing and Forwarding Limited, was found to have no valid mineral trading permit, and the promised gold was never received by the buyer.
Following these revelations, DEC seized the FNB account in question on November 2, 2022, classifying the funds as tainted property linked to financial crimes.
The DPP’s application argued that the funds are proceeds of obtaining financial advantage by false pretenses, a violation of Section 309A of the Penal Code, and contravene the Forfeiture of Proceeds of Crimes Act No. 19 of 2010.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments