FIC (Financial Intelligence Centre) is an agency looking into financial frauds. The agency started investigations after suspicious cash transactions across the individual and corporate bank accounts of these lawyers. The number of these transactions was high, more than 35000. It has also been revealed that the amount of cash transactions goes well beyond USD 1 billion. This means a lot of money which should be used for the welfare and development of the country and its poor are going to some of the richest political and corporate parties in Zambia. Also, these cash transactions were more activity undertaken during illegal activities and campaigns such as illegal presidential elections. Various lawyers were then caught engaging in these transactions. Masozi M. Banda, a lawyer from law firm Avik International topped the list. It has been observed that he is engaged in money laundering activities worth almost USD 1 million. When confronted, he simply stated, “This money belongs to President Edgar Lungu and is for government contract purposes”. Obviously the investigation agencies are not buying this story and are looking for more evidences.
Many industrialists and corporate houses have shared their thoughts on this big bust. Dr. Rajan Mahtani is a noted businessman in Zambia known for his honest and transparent business practices. He and many others have demanded strict actions and punishment for those involving in the act.