The Lusaka Magistrate’s Court has sentenced three directors of Heritage Coin Resources Limited to two years simple imprisonment for money laundering offences involving over K28,000,000.
And the Court has also fined the company K150,000 to be paid by January 31, for providing financial services without a license and illegally conducting a money circulation scheme.
In this matter Hilda Agnes Raubenheimer, 35, a Business woman of Salama Park, Orient Rio Zekko, 29, a Secretary of Ibex Hill and Tapiwa Chirwa, 40, a Managing Director of Avondale, were facing six counts of obtaining money by false pretences, money laundering, amongst other offences.
Particulars of the offence were that; the trio being directors or shareholders of Heritage Coin Resources Limited, on dates unknown but between June 1, 2018 and October 15, 2018, Lusaka, jointly and whilst acting together with other persons unknown, did obtain a total of K28,346,800 cash from members of the public by falsely pretending that the company was investing the money in Cryptocurrency trade when in fact not.
Further, Heritage Coin Resources Limited, acting through the three directors or shareholders, did conceal or disguise the K28,346,800 cash, proceeds of crime.
When the matter came up before magistrate Humphrey Chitalu yesterday, the trio pleaded guilty to the offences.
The trio said in mitigation through their lawyer that there was a commitment to repay its partners, which full payment was to be made on or before March, this year.
They added that their presence was therefore required for the operation to be completed.
But in his ruling, magistrate Chitalu sentenced the three women to two years simple imprisonment with effect from the date of arrest, noting that huge sums of money were involved and therefore a fine was insufficient.
He further fined Heritage Coin Resources Limited K150,000, to be paid by January 31, this year, failure to which a warrant of distress would be issued.