The Zimbabwe Republic Police (ZRP) says the arrest of scores of illegal money changers since the launch of the Zimbabwe Gold (ZiG) currency is only the beginning of the blitz to eradicate currency manipulators.
The government accuses money changers of manipulating the value of the local currency, making it unattractive as a medium of exchange and store of value for the public.
Since the introduction of ZiG on 05 April 2024, over 100 forex traders were arrested by the Financial Intelligence Unit (FIU) along with the police and other security agencies, for contravening the Exchange Control Act.
ZRP spokesperson Assistant Commissioner Paul Nyathi told Business Times on Wednesday that they have intensified their crackdown on money changers, and the police dragnet will apprehend the key players. He said:
We have so far arrested over 120 suspected money changers for contravening the Exchange Control Act but if the suspects provide us with information on who their kingpins are, we will take action against them [ring leaders].
There will be no sacred cows this time as the law will take its course without fear or favour.
If the arrested suspects do not provide police with information, they will be heavily sentenced.
We are working together with the FIU and there is no going back in the fight against illegal forex traders in the country.
Our job is to ensure the law takes its course by arresting, compiling the dockets and submitting them to the National Prosecution Authority.
The operation has intensified and is ongoing till we ensure there is sanity in the streets.
There is no stopping for now as the fight is just beginning against the forex manipulators.
On Monday, Vice President Constantino Chiwenga threatened to cripple illegal money changers who are accused of illegally trading ZiG against the US dollar.
The former army commander said money changers should stop it, or else risk being rendered crippled.
Meanwhile, the National Prosecuting Authority (NPA) on Thursday said Seven alleged forex dealers appeared at Beitbridge Magistrates’ Court facing charges of contravening section 5(1)(a)(ii) of the Exchange Control Act [Chapter 22:05] as read with section 4(1)(a)(1) of the Exchange Control Regulations SI 109 of 1996 “Dealing in foreign currency”.
It said the suspects, Alfred Muchena (41), Justine Machisane (25), Tatenda Muzadzi (35), Joseph Kudakwashe Wamambo (36), Martin Chikumi (40), Phillip Parishi (31) and Lovemore Chivanda (35) were arrested during an operation carried out by the Police.
They were found in possession of point-of-sale (POS) machines, an assortment of bank cards and various amounts of cash. The bail ruling was set for this Thursday.
The NPA said in Masvingo, four alleged forex dealers, Sandra Chinganze (34), Dexter Chimwayange (26), Emmanuel Daure (38) and Innocent Chara (31), have appeared at Masvingo Magistrates’ court.
The four were arrested during an operation carried out by the Police. They were found in possession of point-of-sale (POS) machines, an assortment of bank cards and various amounts of cash.
They were remanded in custody to 30 April 2024.
In Mutare, five alleged forex dealers have appeared at Mutare Magistrates’ court also facing charges of contravening section 5(1)(a)(ii) of the Exchange Control Act [Chapter 22:05] as read with section 4(1)(a)(1) of the Exchange Control Regulations SI 109 of 1996 “Dealing in foreign currency”.
The suspects, Vanancia Machata (42), Carol Mashamba (25), Angeline Fumhanda (25), Brian Nyakurerwa (25) and Dzidzai Chitapata (25) were arrested during an operation carried out by the Police.
They were found in possession of point-of-sale (POS) machines and an assortment of bank cards.
They were remanded in custody to May 2024.
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