Man loses ZWL$ 5.4m in illegal forex deal

Michael Mashiri

A Harare man lost ZWL$ 5 400 000 (around US$ 6500 at street value) when he attempted to buy forex on the black market after he transferred local currency to a dealer and got no hard cash in return.

Gerald Mapfumo, 39, of Dzivarasekwa Extension appeared at the Harare Magistrates' Court charged with defrauding Joachim Basira, 29, of Marimba in contravention of Section 136 of Criminal Law Codification and Reform Act Chapter 9:23

The case against Mapfumo is that on November 26, 2022 Mapfumo and Basira agreed to exchange currencies.

The two went to corner Third Street and Central Avenue Harare where Mapfumo said he was going to collect his cash.

Mapfumo assured Basira that he was going to give him the United States dollars as soon as he had produced proof of payment.

Mapfumo gave Basira a CBZ account number in name of Atrier Engineering. Basira then transferred ZWL$5 400 000.

Mapfumo told Basira to be patient as he was waiting for someone to bring the cash.

Basira waited until end of day and nothing materialized.

Basira filed a police report on 29 November 2022 after leading to the arrest of Mapfumo.

Nothing was recovered.

Dzivarasekwa man who swindled ZWL$ 5 400 000 has been given bail of ZWL 100 000 and was ordered to appear in court on 25 January 2023.

Magistrate Dennis Mangosi granted Mapfumo a bail of ZWL$ 100 000 and remanded him to January 25, 2022.

He also instructed Mapfumo to surrender his passport to the clerk of court, not interfere with witnesses and to continue residing at the given address.