Atlantic Micro Credit Ltd Executives Charged with Pyramid Scheme and Money Laundering Allegations Totaling TZS 3.9 Billion

 

DAR ES SALAAM – Wendy Ishengoma, 38, Director of Atlantic Micro Credit Ltd, along with three other co-accused, appeared in court facing charges related to running an illegal pyramid scheme and laundering TZS 3.9 billion. The case was heard before Chief Resident Magistrate Aaron Lyamuya at the Kisutu Resident Magistrate's Court in Dar es Salaam.

The other defendants in the case are Sultan Mdee, 29, an accountant from Goba; Frank Tengia, 34, a branch manager from Mbezi Juu; and Mwiga Mwiga, 31, a marketing officer.

Senior State Attorney Neema Moshi, assisted by Judith Kyamba, alleged that the defendants are facing four charges, including leading a criminal syndicate. "The defendants are accused of running and overseeing a criminal syndicate in Dar es Salaam from January 18, 2024, to October 11, 2024," Kyamba stated.

In the second charge, the prosecution claims that the accused, during the same period and location, managed a pyramid scheme. They allegedly promised returns to members listed in partnership contracts amounting to TZS 3,631,761,863, a practice prohibited by law.

Furthermore, Moshi highlighted that the accused are charged with money laundering. "Between January 18, 2024, and October 11, 2024, in Dar es Salaam, the defendants knowingly received funds totaling TZS 3.6 billion, aware that the money was proceeds from the illegal pyramid scheme," she said.

Moshi informed the court that the investigation is still ongoing and requested an adjournment to allow more time for case development. Due to the nature of the charges, the Kisutu Court lacks jurisdiction to grant bail.

The case has been adjourned until November 11, 2024, for mention.