Online Reporter
Zvikomborero Parafini
FOUR businessmen are facing charges of violating the Exchange Control Act in transactions amounting to over US$363,000.
Police recovered US$75,000 cash from the quartet’s premises.
Nitish Raghuvar, Karankumar Girishkumar Shah, Lalbahadur Aatish Jaiswar and Talati Neel Dhavalbhai were not asked to plead when they appeared before Harare magistrate Jessie Kufa yesterday.
They were released on US$500 bail each.
Allegations are that on February 10, detectives from CID Asset Forfeiture were deployed to arrest persons practising the Hawala system to verify sources of funding, pricing anomalies, courier-linked transactions and making sure full compliance was being adhered to in the licensing processes.
During the course of their duties, they got a tip-off that the quartet operates a Hawala system whereby importers deposit cash at their premises in Newlands in Harare and in turn they smuggle the cash to Dubai or they use their network there to pay for the goods.
A thorough search was conducted in the house whereby receipts, registers and bill of entries were recovered.
Cash amounting to US$74,865-00 was also recovered and is being held as an exhibit.
