Major Money Laundering Ring Busted in Harare, Three Arrested

Harare, Zimbabwe — In a significant crackdown on illegal financial activities, Zimbabwean authorities have arrested three individuals linked to a major money laundering operation. The suspects, identified as Neville Sungurai Mutsvangwa (44), Ellas Majachani (45), and Simbarashe Tichingana (38), were arraigned before the Harare Magistrates’ Court, facing multiple charges related to illegal currency dealings and money laundering.

The trio is accused of operating an unlicensed money transfer service named Mumba Money Transfer since January 1, 2019. They allegedly bypassed regulatory frameworks, contravening both the Exchange Control Act and the Bank Use Promotion and Suppression of Money Laundering Act. The State claims the accused advertised their illicit services online, directing potential clients to their makeshift offices in Harare, and conducted transactions using both electronic funds transfers and physical cash, leveraging foreign bank accounts to obscure their illicit activities.

During the arrest on May 8, 2024, police seized extensive evidence from the suspects, including four smartphones, 45 SIM cards, four computers, a point-of-sale (POS) machine, 28 debit cards with 15 being VISA cards issued by foreign banks, three money counters, a register of transactions, and cash amounting to USD 3890.

The court proceedings took a dramatic turn as the State strongly opposed granting bail to the accused, citing the gravity of the charges and the evidence presented. The investigating officer was called to provide viva voce evidence, highlighting the intricate details of the operation. However, the hearing was adjourned mid-testimony, with the continuation of the bail hearing scheduled for Monday, May 13, 2024, at 08:30.

This case marks one of the most significant operations against money laundering in Zimbabwe in recent years and underscores the government’s increased efforts to combat financial crimes that have long plagued the nation.