One organization's impression of Mr. Rajan Mahtani, widely known as one of the most corrupt forces destroying the economic potential of the country of Zambia.

1. An Investigative Feature by Zambians Against Corruption
Rajan Mahtani:
Zambia’s ‘Gangster Banker’
Faces the Music

2. DECADES OF DECEPTION
• On June 2, 2015, the controversial ‘gangster
banker’ Rajan Mahtani was finally arrested by
the Zambian Police on two counts of forgery. But
his list of alleged crimes goes back much further.
• As the Chairman of Finance Bank of Zambia, is
widely known as one of the most corrupt forces
destroying the economic potential of the country.
Mahtani has an unfortunate and sordid history of
stealing from legitimate business owners through
dirty tactics such as forgery, deception, bribery,
back-room negotiating with political influencers
and other untoward means to institutions critical
to the functioning of the Zambian economy.

3. “Laughing all the way to the bank”
• An example of Rajan Mahtani’s criminal dealings
undertaken to buttress his own legitimacy include
BRIBERY of former Malawi president Joyce Banda,
promising to build a $150-million biothermal energy plant
in a bid to regain his banking license, which was
withdrawn 10 years prior to the proposition after
accusations of money laundering.
• Mahtani also allegedly said he promised Banda he would
broker a loan for her government from the Swiss bank
Credit Suisse. A media report at the time claimed he
offered Banda a $30-million loan to buy maize and fuel.
• Earlier, Mahtani’s image took a further SADC battering in
2005 when the government of then president Bingu wa
Mutharika revoked the licence of his Finance Bank of
Malawi (FBM) after the Reserve Bank found it was
involved in money laundering.

4. CREDIT SUISSE CONTROVERSY
• The recent (and many believe overdue) arrest of the embattled
Zambian businessman Rajan Mahtani on two counts of criminal
forgery has sent a shock wave across the local business
community, but there is also an international dimension to the
scandal as all eyes are on what will happen next to Mahtani’s
Finance Bank of Zambia Limited (FBZL).
• In the days following his arrest, Mahtani resigned from the
chairmanship of Finance Bank and appointed an interim
chairman. Now, according to sources with knowledge of
operations at the Bank, it appears that Mahtani’s resignation
was demanded by the international banking giant Credit
Suisse, which is believed to own a 15% “stake” in Finance
Bank, after they reduced from their 40% shareholding earlier
this year.
• Jobs at Stake - More than 600 employees at the 34 branches
and 16 agencies of Finance Bank across Zambia may be
worried for their jobs as Credit Suisse appears to be
considering a complete divorce from the banker facing criminal
charges.

5. ‘DESPERATE’ TACTICS
• In an effort to perpetuate fabricating information to the public in
order to restore his image and, Mr. Mahtani often engages in
desperate attempts to mislead.
• One recent instance involves an attempt to confuse domestic and
global stakeholders regarding Zambezi Portland Cement and
claims of ‘laying off employees and demanding pay cuts’.
• As always, these claims could not be substantiated and were
immediately refuted, both by management and employees at
Zambezi Portland Cement.

6. THE BURNING QUESTIONS MAHTANI REFUSES TO
ANSWER
• Indeed, over the years Mahtani’s name has become duplicitous
amongst the business community in Zambia for his allegedly
corrupt practices. And there are questions that exist as outliers:
• Does he own two passports (which is strictly illegal under
Zambian law)?
• Does Mahtani own the controlling interests in both Finsbury
Investments as well as Clarkwell Ltd? If so, isn’t his shareholding
in Finance Bank completely illegal and above the 25% as
mandated by law?
• What was Mahtani's role in the control of the Receiver appointed
by PTA Bank over Zambezi Portland Cement Limited? What
instructions were given by Mahtani to the Receiver of ZPC
limited and in what capacities?
• We at Zambians Against Corruption can only hope that his
fortunes change with a refreshed outlook on best practices in
business and in the interim, corporations with vested interests in
Zambia avoid such relationships with corrupt businessmen.

7. THE BURNING QUESTIONS MAHTANI REFUSES TO
ANSWER
• Indeed, over the years Mahtani’s name has become duplicitous
amongst the business community in Zambia for his allegedly
corrupt practices. And there are questions that exist as outliers:
• Does he own two passports (which is strictly illegal under
Zambian law)?
• Does Mahtani own the controlling interests in both Finsbury
Investments as well as Clarkwell Ltd? If so, isn’t his shareholding
in Finance Bank completely illegal and above the 25% as
mandated by law?
• What was Mahtani's role in the control of the Receiver appointed
by PTA Bank over Zambezi Portland Cement Limited? What
instructions were given by Mahtani to the Receiver of ZPC
limited and in what capacities?
• We at Zambians Against Corruption can only hope that his
fortunes change with a refreshed outlook on best practices in
business and in the interim, corporations with vested interests in
Zambia avoid such relationships with corrupt businessmen.