A Chinese businessman, Ke Ji Xiao, is facing allegations of running an underground Hawala-style money transfer network in Harare, with investigators seizing more than US$192 000 in suspected illicit forex proceeds.
Ke, who stays in Alexandra Park, was arraigned before Regional Magistrate Marehwanazvo Gofa on charges of money laundering and violating Zimbabwe’s exchange control regulations.
He was granted US$1 000 bail and ordered to surrender his passport.
Prosecutor Rufaro Chonzi said detectives from the CID Asset Forfeiture Unit (Northern Region) swooped on Ke on November 29 after receiving intelligence under the ongoing “Operation Pressure Valve,” which targets illegal financial flows, particularly at fuel and LPG outlets.
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Investigators allegedly uncovered suspicious transactions at Ke’s residence and business premises at No. 11 Maarsdop Avenue, where he is accused of receiving large sums of cash from local clients. The State says he either smuggled the money to China or used foreign networks to pay for goods outside the country’s formal banking system.
During the operation, officers reportedly recovered receipts, registers, bills of entry, and US$192 575 in cash, which has been seized pending further investigations.
Authorities allege that Ke failed to explain the source of the money and that the transactions were never reported to or approved by the Reserve Bank of Zimbabwe’s Exchange Control Department.
The matter was remanded to a later date as investigations continue.
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