Illegal Forex Dealers Dragged To Court
26 August 2022
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Various companies and individuals, who were illegally dealing in foreign currency around the country, appeared in court yesterday on charges of violating the Exchange Control Regulations and money laundering.

The companies and individuals were not asked to plead when they appeared before Harare regional magistrate Mr Stanford Mambanje.

Bemond Mufari of Kadoma is alleged to have illegally transacted $23 million on the parallel market.

Melusi Mabhena of Chinhoyi is also alleged to have illegally traded $9 million, while Zenboa Investments and Thurnride Investments represented by Simbarashe Charamba of Mutare, is said to have transacted $147 000 and $33 000 respectively. Odicious Innocent Dzamara of Harare is said to have illegally dealt in $1,7 million on the black market.

The State alleged that Liberty Mutsata of Gweru illegally dealt in $17 170 000.

Vertchord Investments, which is jointly charged with Mujere Nzvimba and Gilbert Paka of Harare, is said to have illegally traded $73 680 000 on the black market.

Andrew Makoto of Harare is alleged to have illegally traded $83 million while Lyton Reid of Alchore Systems of Gweru is alleged to have been involved in the illicit transactions.

The companies and individuals were released on bail ranging from $50 000 to $100 000. Mr Whisper Mabhaudhi alleges that the illegal forex dealers would sometime in January last year, liaise with individuals and shop operatives that whenever they wanted to make orders in foreign currency, they must engage them.

It is said that they would then pay in local currency and pocket the US dollars. The court heard that the illegal foreign currency dealers would also use bulk agent lines to buy foreign currency on the parallel market.

-State media