Salima Sugar Company shareholder arrested for money laundering
Malawi police arrest Salima Sugar shareholder on money laundering, fraud charges.
LILONGWE, Malawi— Police in Malawi have arrested a major shareholder of Salima Sugar Company on suspicion of money laundering and fraud, the national police spokesman said Thursday, writes Benson Kamonjola.
Shireesh Betgiri, who owns about 51% of the shares in the company, was arrested Wednesday evening in Lilongwe and is being held at Lumbadzi police station, Peter Kalaya told AfricaBrief.
Kalaya said Betgiri established a bank account in Dubai that he used to obtain loans worth about $300 million without the knowledge of the company.
"Police have established that Betgiri has been using the Salima Sugar Company to commit the said money laundering crime," Kalaya said.
Betgiri is expected to appear in court soon to face the charges against him, Kalaya said.
The arrest comes barely a week after five women were also arrested on suspicion of forex externalisation.
Well done to the Malawian Police Force.
Foreign exchange reserves and availibility are key economic factors in the economy. It impacts on the Malawian kwacha exchange rate amongst other things. If in short supply then the country and its people suffer. Anyone up to no good in these areas should receive heavy punitive jail sentences.