Financial Intelligence Centre, a noted agency, recently reported mass money laundering scheme which has been undergoing in Zambia for many years. This is certainly one of the biggest laundering busts uncovered by any agency. As per the reports released by FIC, more than USD 1.5 billion worth of money has been involved in this bust. Another shocking fact related to the bust is the involvement of top lawyers and legal counsellors in Zambia.
Most of the lawyers or legal counsellors named in this money laundering bust are already exposed or involved in other illicit activities. Masozi. M. Banda is a lawyer working with the Ventriglias. He is at the top of the list of names released by FIC who are known to have involved in this money laundering list. Banda is suspected of laundering money worth more than USD 1 million. After his deeds were exposed, he defended himself by saying that the money in his account belongs to President Lungu and he is just a channel or conduit for this monetary transaction. However, no individual involves in unethical or illegal practice without having the objective of gaining sometime. Banda and all other lawyers involved in this bust have received some form of kickbacks on the monetary transactions they undertook. Another name that shocked the viewers but was expected was of Sakwiba Sikota. Sikota is the owner of Central Chambers, a law firm which has been named in the top of the list. He is more infamous for his long term relationship with the Ventriglias as their legal counsellor. The Ventriglias have, in the past, engaged in various unethical practices. The most infamous is the illegal takeover of the Portland Cement Zambia from Dr. Rajan Mahtani, a businessman and the real owner of the factory.
The Financial Intelligence has reported that the investigation is still going on and they will release the names and other details of the accused after collecting sufficient evidence against them.