By Nyasha Chuma
A network of illegal foreign currency dealers accused of bleeding the economy through flouting Exchange Control Regulations and fomenting currency instability are back at the Harare Magistrates Court for routine remand.
Illegal forex dealers who include Isau Bwerinofa, Samuel Chiodze and Vision Credit’s Takudzwa Godwin Rafemoyo have been held in custody in remand prison after being arrested a fort night ago and consequently denied bail.
It is the State’s case that senior managers from various companies institutions illegally dealt in foreign currency and by extension caused the Zimbabwean dollar to lose ground against major currencies on the alternative market.
The State told the court that the accused persons operated in a “mafia like modus operandi” involving “a complicated syndicate with other known companies that are under probe.”
Titanium Capital employed 429 money changers. Prosecutors said information at hand showed that Titanium Capital’s Tatenda Patrick Musonza is alleged to have dealt in $210 475 688.
Titanium traded with 429 money changers between January and June 2020 and the institution was allegedly still trading using the EcoCash bulk payer line.
“Only 25 witnesses were recorded hence the probability of interference is very high when given bail,” said prosecutors as they argued against the granting of bail.
“The witnesses that are supposed to be interviewed are the accused accomplices and hence can be easily manipulated if accused if granted bail.”
Dream High Investments, represented by Tinashe Paradise Magada, is alleged to have transferred $143 669 348 while Access Finance (Private) Limited allegedly transacted $185 420 444.
Tererati (Private) Limited owned by Samuel Tererai Chiodze is said to have transacted $125 722 079 while Capital Profit Financial Services represented by Taitus Tapiwa Madzara, allegedly transacted $59 237 733.
Raymond Mudonhi Investment (Private) Limited, Justice Mahuni, Kudzai Mudonhi and Juso Global Limited Justice Mahuni allegedly illegally traded $150 128 765.
Dream High Investments, received $143 669 348 from different companies and individuals, which it then transferred using the EcoCash bulk payer line to agents who would buy forex on their behalf from the streets.
Access Finance, which is registered as a bureau de change, is alleged to have bought various Econet lines which it would give to various agents, who in turn used them to buy foreign currency on the streets.
It is alleged that its conduct was against the Reserve Bank of Zimbabwe financial regulations.
Vision Credit Source Pvt Ltd was jointly charged with Takudzwa Godwin Rafemoyo (42) for illicitly buying foreign currency worth $192 million between January and June last year.
Rafemoyo opened a bank account for Vision Credit with Steward Bank before registering five separate EcoCash agent lines, which were then used as conduits to move the money to various buyers.
“During the said period, accused number two (Rafemoyo), on behalf of accused number one, transacted a total of $192 207 880 from their Steward Bank accounts into their EcoCashagent lines.”
Between January 16 and May 7 the same year, he transferred $49 million into one of his agent lines before transferring another $49 million into the other lines “for the purpose of buying foreign currency on the black market”.
He went on to transfer amounts ranging between $2 million and $9 million into the other lines for the same reason.
He was arrested on September 24.
