Online Reporter
Prosper Dembedza-Herald Correspondent
TWO employees of Panashe Petroleum have appeared in court facing money laundering charges involving US$2 632 500.
Ipaishe Richman Madziwa (22) and Willmore Nyama (29) were facing charges of contravening the Exchange Control Act and money laundering when they appeared before Harare magistrate Mr Musaiona Shortgame.
They were freed on US$300 bail each. It is the State’s case that on November 13, 2025, Detectives from the CID Asset Forfeiture Unit were deployed under operation “Pressure Valve”, with the mandate of detecting money laundering activities and illicit financial violations in the fuel sector and arresting perpetrators thereof.
The court heard that a raid was carried out at the accused persons’ four business premises located at 11F Market Street, Eastlea, 1750 Ardbenie, Waterfalls, 678 New Davies Way, Parktown, Waterfalls and 1/55,54 Seke Road, Harare and established that during the period from January 2025 to November 13, 2025, the accused persons imported 2 050 000 litres of diesel and petrol.
The accused persons made offshore payments for the imports without the approval of the Reserve Bank of Zimbabwe Exchange Control, thereby violating the Exchange Control Act.
Furthermore, the source of funding is unknown, thereby raising suspicion of money laundering activities.
The court heard that a search was conducted and cash was recovered in a safe in Eastlea, Harare.
The total value involved is US$2 632 500 and US$20 950 was recovered.
