The fallen former banker Rajan Mahtani has continued to present himself publicly as the owner of Finance Bank of Zambia Ltd. (FBZL) despite having sold all his shares months ago, a source informs Zambia Reports, which is not only illegal but a violation of contract.
According to the source with knowledge of Mahtani’s operations, the businessman has continued to conduct business under the guise as Chairman of Finance Bank in recent with unsuspecting lenders and borrowers, and maintains a series of some 50+ websites in which he claims to continue to own the bank.
Among those websites include propaganda platforms such as rlmahtani.com, rajanmahtani.wordpress.com, rajanmahtaniandzambia.com, mahtanigroupofcompanies.com, drmahtaniandzambia.com, drmahtaniandfinancebank.tumblr.com, and rajanmahtani.blogspot.com, as well as dozens of others, the source says. In addition to these fraudulent claims, Mahtani has similarly hired a PR team to push out dozens of sites claiming that he owns other companies such as Zambezi Portland Cement – though the facts are clear that he was forced out by the courts following an attempted illegal takeover.
“Mahtani continues to use his old business cards with unsuspecting businessmen – he is deceiving them into thinking that he still owns a bank that he has already sold, and making commitments based on lines of credit he no longer can offer,” the source says. “Mahtani pays a small group of Indians to create these propaganda sites, which all link back and forth between each other with the same false information as an effort to hide the truth about his documented acts of corruption. Can you name any other serious banker who has so many fake websites filled with basic lies?”
On November 2, 2015 a deal was announced by the international banking group Atlas Mara, led by former Barclays chief Bob Diamond and Ugandan businessman Ashish Thakkar, to purchase 100% of Mahtani’s interest in FBZL for $60 million plus shares.
“Despite taking their money, Mahtani has continued to thumb his nose at Atlas Mara and violate the contract of sale by carrying on with this fantasy that he still owns the bank. He is causing them damage by carrying on with this masquerade,” the source said.