Illegal currency traders appear in court

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the herald

Senior Court Reporter

VARIOUS companies and individuals, who illegally traded foreign currency across the country, appeared in court yesterday for breaching foreign exchange control and money laundering regulations.

Businesses and individuals were not invited to plead when they appeared before the Harare Regional Magistrate, Mr Stanford Mambanje.

Kadoma’s Bemond Mufari allegedly illegally transacted $23 million on the parallel market.

Chinhoyi’s Melusi Mabhena also reportedly illegally traded $9 million, while Zenboa Investments and Thurnride Investments, represented by Simbarashe Charamba of Mutare, allegedly traded $147,000 and $33,000 respectively. The heinous Innocent Dzamara of Harare allegedly illegally sold $1.7 million on the black market.

The state alleged that Liberty Mutsata of Gweru illegally sold $17,170,000.

Vertchord Investments, jointly accused with Mujere Nzvimba and Gilbert Paka of Harare, allegedly illegally traded $73,680,000 on the black market.

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

The businesses and individuals were released on bail ranging from $50,000 to $100,000. Mr Whisper Mabhaudhi alleges that illegal currency dealers allegedly at some point in January last year made contact with individuals and traders who whenever they wanted to place orders in foreign currency they had to engage them.

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

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