Zimbabwe’s money market has been hit by counterfeit bond
notes largely found on the parallel market where unscrupulous cash dealers are
preying on unsuspecting cash seekers.
The prevalence of the counterfeit notes comes at a time
when cash is becoming more and more scarce, with the US dollar now a very
scarce commodity.
Standardbusiness heard that fake money dealers were
stationed mostly in the Harare’s central business district’s Eastgate mall and
usually operate during the late hours of the day.
One of the victims, Ishmael Jaricha, said he was duped when
he changed his $100 to bond notes at the Eastgate mall last week.
Jaricha was given fake $5 bond notes worth $130 at Eastgate
mall during the late hours of Sunday and reported the case at Harare Central
police station.
“After I was duped, I reported to the central police under
case number CR 553/12 17,” he said.
“They are still looking for the culprit. It’s three days
now and they have not arrested the person who defrauded me. The police are calling
me every day to accompany them to Eastgate to look for him.
“The guy is known by other money changers. Each time we
arrive at Eastgate we are told he has left.”
Efforts to get a comment from police spokesperson Charity
Charamba were unsuccessful on Friday.
Money changers flooded back onto the street last month
following the military intervention that saw a change in the political
landscape aided by reduced police presence on the streets.
The street invasion by illegal currency traders happened
despite the promulgation of legislation that criminalises the selling of cash
on the black market.
Under the regulations gazetted in October this year through Statutory Instrument (SI) 122A of
2017- Exchange Control (Amendment) Regulations 2017 (No 5), police are now
empowered to arrest illegal money-changers and seize whatever currency would be
in their possession.
Under the law, offenders of illegal cash and foreign
currency trading face a mandatory
10-year jail term while their cash is forfeited to the state and their bank
accounts frozen.
This paper understands that the cash dealers work as
syndicates such that after duping a victim, they follow them to nearby
supermarkets to ensure that they don’t use fake notes within the vicinity.
They offer to swipe their cards for victims in exchange of
fake notes to ensure that the fake notes are not detected in the supermarkets
close by.
Contacted for comment, Consumer Council of Zimbabwe
executive director Rosemary Siyachitema said she was not aware of the circulation
of counterfeit notes in the economy.
“We have not received reports of fake bond notes but when
they [bond notes] were introduced last year, we went around the country
together with RBZ educating the public about the key features of the currency,
“she said.
Deputy Finance minister Terrence Mukupe said he was not
aware of the existence of fake notes circulating in the market but promised to
check with the central bank and to take action.
“I have not come across that. I would have to check with
the central bank but I personally have not come across such a report,” he said.
“That’s news to me, I will check with the central bank and
if they are there and if it’s happening, I am sure the long arm of the law
shall catch up with them.”
Standardbusiness did not get responses from RBZ governor
John Mangudya on the issue last week. Standard
0 comments:
Post a Comment