By Own Correspondent| Government will soon start investigating the gold cartel including Zimbabwean, Indian and Kenyan nationals which allegedly siphoned out of Zimbabwe over $100 million through fake gold transactions.

In an interview with ZimEye, Reserve Bank of Zimbabwe Governor Dr John Mangudya professed ignorance of the said cartel, revealing the gold buying process.

Mangudya however added that government would investigate the alleged illegal transaction which prejudiced the country of millions of dollars.

The matter, exposed by ZimEye allegedly involved one Kenyan Indian national identified as Kamleshi Pattni, several Zimbabwe Revenue Authority officials, Fidelity Printers officers and several bank employees.

Responding to the allegations, Mangudya said:

“I am not privy to the fake gold transaction(s) that you referred to. The Reserve Bank sets the policy for trade in gold.

The current policy is that funds to buy gold are brought into the country in advance before shipment of gold. If it’s cash, the funds are checked at the point of entry in Zimbabwe by ZIMRA where a Form 47 – which evidence inflow of foreign currency into Zimbabwe – is issued to the buyer.

The funds are checked for legitimacy by RBZ and the funds are then used by Fidelity to buy gold from artisanal miners who are paid 70% in cash and 30% in RTGS. Gold is then exported to the buyer by Fidelity Printers and Refiners……Kindly forward the evidence so that we can investigate.”

In July 2018, police in Harare arrested 5 suspected illegal gold traders following a tip off from an anonymous source.

The five suspects were arrested with $4m and 98kg of gold stashed in suitcases while trying to leave the country.

National police spokesperson Paul Nyathi who confirmed the arrests, told a local daily that the suspects were apprehended by police following a tip off.