Four Asians In Court Over Illegal Cash Transfers
Four businessmen of Asian origin have been brought before the courts facing charges of contravening the Exchange Control Act after allegedly handling illegal foreign currency transactions worth more...
Four businessmen of Asian origin have been brought before the courts facing charges of contravening the Exchange Control Act after allegedly handling illegal foreign currency transactions worth more than US$363,000.
Law enforcement officers recovered about US$75,000 in cash from the suspects during a raid on their premises.
The accused, Nitish Raghuvar, Karankumar Girishkumar Shah, Lalbahadur Aatish Jaiswar and Talati Neel Dhavalbhai, appeared before Harare magistrate Jessie Kufa and were not required to plead. They were each granted bail in the amount of US$500.
Prosecutors told the court that on February 10, detectives from the CID Asset Forfeiture Unit were conducting an operation targeting individuals suspected of running illegal money transfer systems, commonly referred to as Hawala. Zimbabwe authorities recently highlighted national financial loss due to Illegal money transfers.
The quartet is alleged to have been operating such a scheme from a house in Newlands, Harare, where importers would deposit cash. The money would then be smuggled to Dubai or paid to suppliers through an informal network.
A search of the property led to the recovery of receipts, registers and bills of entry. Police also seized US$74,865 in cash, which is being held as an exhibit pending the outcome of the case.
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