Seven Alleged Forex Dealers Appear in Court

By Staff Reporter

Seven individuals accused of forex dealing appeared before Beitbridge Magistrates’ Court, facing charges of contravening sections of the Exchange Control Act.

According to the National Prosecuting Authority (NPAZ) Alfred Muchena (41), Justine Machisane (25), Tatenda Muzadzi (35), Joseph Kudakwashe Wamambo (36), Martin Chikumi (40), Phillip Parishi (31), and Lovemore Chivanda (35) were arrested during a police operation.

They were found in possession of point of sale (POS) machines, various bank cards, and cash.

NPAZconfirmed that the suspects face charges under section 5(1)(a)(ii) of the Exchange Control Act [Chapter 22:05] as read with section 4(1)(a)(1) of the Exchange Control Regulations SI 109 of 1996, commonly referred to as “Dealing in foreign currency.”

Bail rulings for the accused were scheduled for today.

In a separate case, sixty-five suspected illegal forex traders, arrested on Independence Day, were further remanded in custody. Prosecutors requested more time to verify the residential addresses of some of the accused.

During a court session presided over by Harare magistrate Dennis Mangosi, prosecutors argued that the investigating officer’s testimony was crucial in the bail hearing process.

However, due to the officer’s involvement in extra duties related to the Saturday by-elections, they claimed he could not readily avail himself for the process.

As a result, the suspected money changers were remanded to various dates, including this Friday, Monday, and Tuesday, for their bail hearing.

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