Problems Arise in ‘Village Banking’ as Members Reportedly Lose K1 Million

After being told they would make weekly profits from their savings, 271 members of an investment scheme claim they’ve been ignored by the people who run two companies. These companies took off with their savings, which added up to over K1 million.

Luke Mwanza and 270 other people have gone to the Lusaka High Court for help. They want the court to tell Sanyuka Investment Limited and Tusanyuka Investment and property agents limited to give them their money back.

The plaintiffs, who all live in Lusaka, also want the court to make the companies pay them the profits they were supposed to get according to the agreements they made. They’re also asking for compensation because the companies broke the promises they made to them.

The plaintiffs say they put money into the companies, which were doing investment schemes and inviting the public to invest in 2022. The companies’ ads said that if people invested, they would get weekly profits and get their initial investment money back.

Between 2022 and June 2023, the plaintiffs made agreements with the companies and invested different amounts, totaling K1,607,500.00. But the companies didn’t keep their promise. They didn’t pay the profits or give back the money the plaintiffs had put in.

Even after asking many times, the companies still didn’t give the plaintiffs the money they were owed. What’s worse, the plaintiffs found out that the companies had closed down and shut their offices at Two Sister shopping Complex on nationalist road.

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