By 
The Drug Enforcement Commission (DEC) in Lusaka has arrested five individuals for trading in counterfeit notes amounting to over US$475,000 and over K49,000.
DEC Public Relations Officer, Mwenge Mulenga, said the five included three Zambians, one Ugandan and one Burundian.
Mulenga revealed this during a media briefing held in Lusaka on Monday.
He identified the suspects as Simon Mugabe, male, aged 47, residing in Chaisa compound, Undikubwayo Allain Diomede, male, aged 45, residing in Emmasdale, Lusaka and Chibwe Mulenga, female, aged 61, residing in Kamwala South.
“Others are Musonda Bwalya, female, aged 60, residing in Rhodes Park, Lusaka, and Edwin Mando, male, aged 32, residing in Kamwala, Lusaka,” Mulenga said.
He added that Mando was arrested for trading in K49,700 counterfeit notes whereas the four had been jointly arrested for trading in $475,800 counterfeit notes.
Mulenga stated that the Commission had observed a trend of counterfeit notes suspected to be manufactured in East Africa coming into the country.
“DEC Director General Nason Banda has, therefore, warned that the institution is on high alert and shall not relent to criminalities such as these weakening the economy,” he said.
Mulenga noted that having counterfeit notes in circulation can significantly weaken the economy by eroding confidence in the local currency.
He stated that the loss of trust can contribute to inflationary pressures as counterfeit money increases the money supply beyond the intended levels set by the central bank.
“Additionally, this distorts economic signals, hindering effective monetary policy and making it challenging for policymakers to assess the true state of the economy,” Mulenga added.
Meanwhile, Mulenga said the Commission had made a significant breakthrough in the relentless fight against economic and financial crimes following a successful forfeiture of K2,120,104.21 from Shadreck Bwalya Zulu’s account held with a known banking institution.
He said this followed a judgement by the High Court in Lusaka which granted a non-conviction based forfeiture after an application by the National Prosecutions Authority.
Read More: Drug Enforcement Commission nabs Credit Supervisor for allegedly laundering over $400,000
“This remarkable accomplishment is a direct result of the Commission’s meticulous investigation, triggered by suspicious transactions within the mentioned account,” Mulenga stated.
He said the Commission’s pivotal role underscored its commitment and effectiveness in addressing and combating financial malfeasance.
Mulenga extended the Commission gratitude to the public for their continued collaboration, urging citizens to remain vigilant and refrain from engaging in street transactions in foreign currency.
“The Commission remains dedicated to its mission of supporting efforts meant to maintain economic stability and safeguard the financial system’s integrity,” he said.
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