UTC-05:00,Saturday , November 17th 2018
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Zambia: Three Arrested in $2.4 Million Cryptocurrency Investment Scheme

15:28 Thursday , November 08th 2018
Three individuals are currently out on bond in Zambia after being arrested over charges related to a cryptocurrency investment scheme they had operated.

The three suspects — Hilda Agnes Raubenheimer, Orient Rio Zekko, and Tapiwa Chirwa — are directors of cryptocurrency investment firm Heritage Coin Resources Limited, per the Zambian Watchdog. They allegedly collected more than 28 million Zambian kwacha (approximately US$2.4 million) from prospective investors who were promised that the money would be invested in cryptocurrency. The three now face charges of engaging in money laundering activities, obtaining money by false pretenses, participating or conducting a money circulation scheme, and operating an unlicensed financial business between June and mid-October.