Forex dealer loses property to the State

Kudzai Gaveni, Online Writer

AN illegal forex dealer was arrested for illegal foreign currency dealing in violation of the Exchange Control Act.

In a statement, the National Prosecuting Authority of Zimbabwe said Samuel Tererai Chiodze used his sister Ratidzai Lydia Chiodze’s car which
was seized by the police alongside on 24 September 2021 during an operation targeting illegal foreign dealers and ZWL1 436 500 which was valued at USD16 386 at the time of the seizure.

“The court accordingly found that the motor vehicle was an instrumentality of crime as it was used to store or transport the tainted cash
because no satisfactory explanation was given by Samuel Tererai Chiodze on how the money ended up in the car. The court also rejected his sister’s explanation concerning how her vehicle and the money ended up in her brother’s custody,” reads the statement.