Businessman’s costly $22m forex transaction

Zvikomborero Parafini

A BUSINESSMAN lost over $22 million in an illegal foreign currency deal where he expected to receive US$13 500.

He was allegedly deceived by forex dealer, Justin Mahuni, into depositing the money into a ZIMRA account in exchange for US dollars.

Mahuni is also on trial for another matter of unlawfully trading in foreign currency.

He allegedly conspired with Zviitei Muboko, who is at large, on April 17 to contact the businessman looking for local currency, to make a payment to ZIMRA.

Kamukapa insisted on receiving the money first before the transaction.

But, Muboko refused, saying she would only hand over the money after the transaction was made.

Kamukapa made a payment of $22 004 539 into a ZIMRA account, using the transaction reference supplied by Mahuni, in the presence of Muboko.

After Kamukapa made the payment, Muboko did not give him the money, saying she needed to confirm with ZIMRA.

After a few days, she told Kamukapa that ZIMRA had received the payment, but she was waiting for a receipt.

They both became evasive until Mahuni was arrested last week.