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NEVILLE Mutsvangwa and two others were on Friday arraigned before the Harare Magistrates’ Court facing one count of contravening section 5(1)(a)(ii) of the Exchange Control Act [Chapter 22:05].
In a statement, the National Prosecuting Authority of Zimbabwe said the trio have been illegally dealing in forex for the past five years.
“Neville Sunungurai Mutsvangwa (44), Ellas Majachani (45) and Simbarashe Tichingana (38) were arraigned before the Harare Magistrates’ Court facing one count of contravening 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 “Dealing in foreign currency”, one count of contravening the Bank Use Promotion and Suppression of Money Laundering Act and another count of contravening the Money Laundering and Proceeds of Crime Act,” said the NPZA”
“The State is alleging that during the period extending from the 1st of January 2019 to the 8th of May 2024, the accused persons formed Mumba Money Transfer services without a license in violation of the Bank use Promotion and Suppression of Money Laundering Act and Exchange Control Act. They advertised on the internet directing clients to their offices in Harare. The accused persons employed a combination of electronic funds transfers and physical cash for their unlawful transactions, leveraging foreign bank accounts to obfuscate their activities.”
The NPAZ said the trio were arrested by the Police on the 8th of May 2024.
“The Police recovered four smartphones, 45 sim cards, four computers, one point of sale (POS) machine, 28 debit cards (including 15 VISA cards issued by foreign banks), three money counters and a register of transactions and US$3 890 cash. The State opposed bail and called the investigating officer to give viva voce evidence. The Court adjourned mid testimony. Bail hearing is set to continue on Monday the 13th of May 2024 at 0830,” said the NPAZ.
Mutsvangwa’s arrest came as authorities intensify efforts to crack down on illegal money changers.
Police have arrested over 100 illegal currency traders, including 65 in Harare, who are still in custody pending the conclusion of investigations and prosecution.
They are facing charges of contravening the Exchange Control Act.
The Government has vowed to rid the streets of black market money changers to thwart speculative activities which might lead to devaluation of the local currency.
Online Reporter