Registered to Deceive

How Online Investment Schemes Exploit Regulatory Gaps to Scam Zambians

By Christian Kasonde | Kasama

They promised wealth, financial freedom and a better life.

For many Zambians struggling to make ends meet, the promises sounded too good to ignore. FUD Football Solutions and Tripplelift Zambia, two companies that recently entered the Zambian market, presented themselves as opportunities for quick returns, daily income and financial security.

Thousands signed up, investing their savings in the hope of transforming their lives. But the promises proved hollow.

What appeared to be an opportunity was, for many, a carefully crafted trap that left investors counting their losses while raising troubling questions about how such companies are able to register, operate and attract thousands of customers before authorities intervene.

The Rise of FUD Football Solutions

In early 2023, FUD Football Solutions began operating in Zambia. It presented itself as a sports investment platform, promising users daily returns based on football match predictions. To many people, the operation appeared legitimate. It had a company name, a structured business model and, most importantly, official registration.

Documents reviewed during this investigation show that FUD Football Solutions was registered with the Patents and Companies Registration Agency (PACRA). However, as this investigation established, registration alone does not authorise a company to offer investment products or financial services.

As the platform grew, so did the number of people joining it. Some invested modest amounts, while others borrowed money or sold assets in the hope of multiplying their savings.

“People we knew recruited us,” said David Mutale, one of the investors. “They kept following up, and the company appeared genuine because it was registered with PACRA and had all the necessary documents. We decided to invest a significant amount of money.”

Another victim, Patrick Katongo of Kasama, recalled how he joined the platform.

“I signed up through a link shared by a friend. I was told making money was easy and safe,” Katongo said.

Then, without warning, the system collapsed. Withdrawals stopped, communication ceased and investors could no longer access their money.

Tripplelift Zambia: A New Promise, the Same Outcome

Two years later, in early 2025, another company, Tripplelift Zambia, entered the market. The business model was different, but the promise remained the same. Participants were told they could earn money simply by watching advertisements online. Users were encouraged to purchase “work bonds” and upgrade their accounts to unlock higher earnings and larger returns.

The company aggressively marketed itself online and established physical offices in selected towns, reinforcing public confidence in its legitimacy.

Lydia Chanda, a resident of Kasama, said users were promised payments for viewing advertisements.

“I started with K20,” she said. “Later, I was required to pay K200 to continue earning more money. As time went on, I invested even more because the system kept promising higher returns.”

Like many others, Chanda believed the platform offered a genuine opportunity to earn an income. Instead, she would eventually discover that the promises were far easier to make than to fulfil.

Who Was Behind the Companies?

Official records from PACRA show that FUD Football Solutions was registered on 10 May 2023 by Brian Kalimachi, with Man Lombe listed as a co-owner. Records further show that Tripplelift Design Limited was registered on 10 July 2025, with links to Nathan Banda and Precious Tutor.

However, the registration trail raises important questions. Documents reviewed during this investigation show that the phone number listed on Tripplelift’s registration records is registered under a different name that does not appear among the company’s official owners. Yet when contacted, the number was answered by an individual linked to one of the listed owners.

While this does not, on its own, establish wrongdoing, it suggests a more complex ownership or management structure than is reflected in the official registration documents. On paper, the companies appeared compliant with registration requirements. Yet registration alone did not guarantee that they were authorised to solicit investments or operate the schemes they promoted to the public.

Operating Without Financial Authorisation

According to the Securities and Exchange Commission (SEC) of Zambia, both companies were operating illegally because they lacked the licences required to offer investment products or financial services. This raises an important question: How were these companies able to operate openly, attract investors and collect money from the public before eventually collapsing? The answer appears to lie in a gap between company registration and financial regulatory enforcement.

SEC had previously issued public warnings about unlicenced investment schemes. However, questions remain about the effectiveness of enforcement and the measures taken to prevent such entities from operating. Repeated attempts to obtain further comment from the Commission were unsuccessful by the time of publication.

While PACRA registers businesses, registration alone does not authorise a company to provide investment or financial services. Those activities require additional approvals from relevant regulators. As a result, companies can appear legitimate to the public by virtue of being registered, even when they lack the licences necessary to conduct the activities they are promoting.

Questions for Regulators

The Zambia Revenue Authority (ZRA), which is responsible for tax administration and monitoring business compliance, was asked whether either company had declared income or paid taxes on its operations in Zambia. However, repeated attempts to obtain a response were unsuccessful by the time of publication.

The Bank of Zambia (BoZ) was also contacted for comment. In a response, Assistant Director of Communications Besnat Mwanza stated:

“Please note that we are aware of reports involving the named entities, which are being investigated by the Zambia Police Service. You may wish to contact the Zambia Police Service regarding possible recoveries.”

The response from BOZ suggests that financial regulators were aware of concerns surrounding the companies, although details of any regulatory action were not provided.

The Zambia Police Service confirmed that reports concerning the companies had been received.

“I have been informed that the matter was reported to the Zambia Cyber Security Agency,” said Zambia Police Public Relations Manager Godfrey Chilabi.

Authorities have increasingly warned about the rise of illegal financial schemes, particularly those operating through digital platforms and cross-border payment systems, which can make oversight and enforcement more challenging.

Inside Tripplelift – An Insider Speaks

This investigation traced an individual linked to Tripplelift Zambia who requested anonymity. For the purposes of this story, we will refer to him as Jack. According to Jack, he was approached and asked to register the company in his name to facilitate the establishment of a physical office in Zambia.

“The actual management was done by other people,” he said. “I never met them, never spoke to them directly, and they portrayed the company as a U.S.-based company.”

Jack further alleged that while official company phone numbers were registered, the individuals running the operation used separate numbers that were not linked to the registered business. He said he, too, ultimately became a victim of the scheme.

“They left with my money too,” he said.

According to his account, he invested substantial personal savings before the company disappeared. His experience demonstrates how easily a registered company can be used to create a sense of legitimacy and how quickly such an operation can vanish.

Investigations and Unanswered Questions

The Zambia Cyber Security Agency was also approached for comment. However, instead of responding to specific questions regarding possible arrests, investigations or efforts to trace funds linked to FUD Football Solutions and Tripplelift Zambia, the agency referred to a public advisory urging citizens to:  “Think before you post, verify before you share, and respect before you create.”

The advisory focused largely on cyberbullying, deceptive electronic communications and misleading artificial intelligence-generated content.

While authorities have moved to halt the operations of the two companies, recovering investors’ funds has proven far more challenging. Experts point to the increasing use of digital payment platforms, online networks and, in some cases, cryptocurrency-related transactions, which can make tracing money flows and identifying beneficiaries more difficult.

Others argue that the cases expose weaknesses in Zambia’s regulatory framework, including gaps in company registration, financial oversight and coordination among enforcement agencies.

The rise and collapse of FUD Football Solutions and Tripplelift Zambia have left many investors nursing significant losses while raising broader questions about whether Zambia’s regulatory systems are adequately equipped to detect and stop potentially fraudulent schemes before they attract thousands of victims.

This article was produced by MakanDay’s Local Reporting Network. Subscribe through our website and follow our Facebook page to receive stories like this one as soon as they are published.