Bail Denied for Two in Harare Money Changer Arrests, Hearings Continue.
In a significant development following last week’s mass arrest of 65 suspected illegal money changers in Harare, the first two completed bail applications were rejected yesterday. Harare Magistrate Mrs. Ethel Chichera ruled against granting bail to Elliot Mavhura and Francis Kaunda after hearings that involved testimonies from the investigating officers.
The suspects, arrested for allegedly violating the Exchange Control Act, are accused of engaging in unauthorized foreign currency transactions. The court proceedings, which took place before Harare magistrates Mr. Dennis Mangosi and Mrs. Chichera, saw the State, represented by prosecutors Mr. Lancelot Mutsokoti, Mr. Thomas Chanakira, and Mr. Takudzwa Jambawu, firmly opposing bail. They argued that the gravity of the offenses, which could lead to imprisonment upon conviction, necessitated continued detention.
During a separate but incomplete bail hearing for another suspect, Fungai Chikonyora, charged with both violating the Exchange Control Act and money laundering, the prosecution disclosed alarming details of the operations. According to the State’s account, on April 12, Mr. Alexio Chideme of Pito Investments (Pvt) Ltd sought to exchange ZiGs for U.S. dollars. Chideme, who was directed to Chikonyora through an intermediary, was reportedly duped after transferring ZiG340,000 into a company account for an agreed amount of U.S. dollars that he never received.
The evidence laid out against several of the accused includes possession of significant amounts of cash, bank cards, swipe machines, and mobile phones used for the illicit transactions.
The court is set to resume today, with further testimonies from investigating officers expected to shed more light on the intricate web of illegal currency trading. The legal outcomes of these hearings could set precedents for how similar cases are handled in the future amid increasing crackdowns on economic crimes in Zimbabwe. Mavhura and Kaunda, meanwhile, have been remanded in custody until May 14 as the judiciary continues to process the remaining cases.