Fiscal and Fraud Section of the Malawi Police Service informs the general public that it has arrested two suspects in connection to Cryptocurrency Fraud that defrauded several individuals through Coin Chambers.

The arrested suspects are: Chipo Upindi Hunga 29 years from Gwesere village TA Njombwa Dist Kasungu Manford Mkandawire 28 years from Ngonga Village TA Chikulamayembe Dist Rumphi

They will answer the following charges:Operating a business as a financial institution without being registered or licensed by the Registrar of Financial Institution Contrary to Section 21 of the Financial Services Act

Conspiracy to defraud Contrary to Section 323 of the Penal Code

Fraud other than false pretences Contrary to Section 319A

Money Laundering Contrary to Section 42 of the Financial crimes Act.

The amount as at now is K130,000,000 but the figure is likely to increase as more victims are coming to Fiscal Police to report more.

The principal suspect is Dorothy Kalichero who opened the Coin Chambers together with the two arrested suspects but is currently at large. Anyone with information about her whereabouts should inform Fiscal and Fraud Section.

Coin Chambers is Cryptocurrency Fraud and a Ponzi Scheme which is an illegal business practice in which new investors money to make payments to earlier investors. The perpetrators of the investment scam take in as much money as possible and then disappear.

Everyone involved in promoting the scam pretends to mount a legitimate organization but little or no commercial activity takes places.

The scam has hit every sector of our society and we urge victims to report to Fiscal Police.