EIGHT companies allegedly handled transactions valued over $1,5 billion in illegal foreign currency deals that involved transferring huge amounts of money from corporate bank accounts into mobile money agent and bulk payment lines, it has been learnt.
The illicit
deals took place between January and June last year at a time the Zimbabwe
dollar was losing value at an alarming pace.
At the time,
depreciation of the local unit pushed up prices of goods and services.
Each of the
eight companies moved amounts ranging from $59 million to over $300 million
through their Steward Bank accounts into dozens of EcoCash agent lines that
were later used as conduits to mop up foreign currency by black market dealers.
The details are
contained in court documents.
The companies
and their directors were hauled to court last week charged with contravening
the Exchange Control Act.
However, they
are not among the 30 individuals who were last week outed by the Reserve Bank
of Zimbabwe for their involvement in illegal foreign currency deals and were
banned from operating bank and mobile money accounts.
According to
the court documents, which have now helped to lift the veil on the underworld
of illegal foreign currency market, the eight moved $1 511 470 476 in just
under six months.
Kay Mudonhi
Investments along with the co-accused Kudzai Mudonhi (34) and Justice Mahuni
(29) allegedly moved $150 million between January 1 and June 30 last year to
finance illegal foreign currency purchases.
“During the
period between 1st of January 2020 to the 30th of June 2020, accused two
(Mudonhi) and accused number three (Mahuni) opened business current account
number (103720426) with Steward Bank on behalf of accused one (Kay Mudonhi
Investments).
“Accused two
and accused three also registered two EcoCash agent lines, namely 0788 193 444
and 0788 193 424, in the name of accused number one.
“During the
said period, accused two and three, on behalf of accused one, received a total
$150 128 765 into their Steward Bank account and would then transfer into their
EcoCash agent lines.
“During the
period between January 1, 2020 to June 30, 2020, the accused transferred the
said amount of money from their EcoCash agent lines into various EcoCash agent
lines dotted all over the country for the purpose of buying foreign currency on
the parallel market.
“The agents
would then source foreign currency from the parallel market on behalf of the
accused persons as testified by witnesses who were interviewed during
investigations.”
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.
Access Finance
Pvt Ltd and Singathini Raymond Chigogwana (47) were also charged with
purchasing foreign currency worth $185 million through 12 EcoCash agent lines
last year.
Isau Bwerinofa
(43) was also charged along with Access Finance Pvt for using over $185 million
to buy foreign currency through EcoCash lines.
“ . . . accused
transferred the funds in question from Access Finance EcoCash accounts into
several EcoCash agent lines owned by companies and individuals who are street
money vendors.
“The recipients
would then unlawfully buy foreign currency from the streets on behalf of the
accused.”
Bwerinofa is
being separately charged along with Chemmodities Trading Pvt Ltd for shipping
$333 million onto the black market between January and June last year.
Juso Global Pvt
Ltd and Justice Mahuni (29), who were arrested on September 25, are facing
charges of transacting $262 million from Steward Bank accounts into the EcoCash
agent lines before purchasing forex through proxies.
“The accused
then transferred the money through their agent lines to various agents who
owned agent lines. Sunday Mail
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