The ManicaPost
Post Reporter
A Mutare businessman has been hauled before the courts on allegations of illegally dealing in foreign currency after he was found in possession of USD$10 000 and R30 000.
Kuzivakwashe Mashangwa (35) recently appeared before Mutare magistrate Mr Tendai Mahwe for contravening Exchange Control (Amendment) Regulations, which criminalize illegal trade in foreign currency.
He was remanded out of custody to 11 July for trial.
Mr Chris Munyuku prosecuted.
Allegations were that on May 28, Detectives received information that Mashangwa was involved in illegal forex dealing.
Working on the tip off, the detectives, track the suspect and approached him at Big C carwash garage, Mutare where he was parking his vehicle. Mashangwa was searched and found in possession of US10 000, RTGS $3 384,and R30 000. The eco-cash agent account which the suspect was operating had the balance of RTGS$15384.83.
Mr Munyuku told the court that Mashangwa failed to give satisfactory explanation for the possession of such amount of money.
Further allegations were that he was also found in possession of a register containing names of unknown illegal foreign currency dealers in Mutare bearing evidence of transactions between him and the dealers, leading to his arrest.
