Ishmael Munashe Sakonda, a 29-year-old money changer from Harare’s Glen Norah B neighbourhood, has been sentenced to 6 months in prison for illegally dealing in foreign currency.
Sakonda was arraigned before the Harare Magistrates’ Court and charged with contravening Section 5(1)(a)(ii) of the Exchange Control Act Chapter 22:05.
The charges also included violations of Section 4(1)(a) of the Exchange Regulations SI 109 of 1996, as amended by Section 2 of the Statutory Instrument 122A of 2017, as well as Sections 3 and 4(2) of SI 245 of 2018, all related to “dealing in currency”.
The court heard that on July 29, 2024, police detectives received information that the accused was illegally trading foreign currency at the Glenorah B Shopping Centre.
Two days later, undercover police officers approached Sakonda, posing as customers seeking to exchange ZiG for US dollars.
The accused offered the detectives a black market rate of US$1 to ZIG17. He then gave one of the officers a debit card to use for purchases at a nearby supermarket.
After the transaction, the officer returned the card to Sakonda and also gave him US$20 in trap money, which was the ZiG equivalent of the amount swiped at the supermarket.
Upon receiving the money, the police officers revealed their identities and immediately arrested Sakonda.
The court sentenced Sakonda to 6 months in prison, with 3 months suspended for 5 years. He will serve the remaining 3 months of the sentence.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

A man named Ishmael Sakonda from Glen Norah B in Zimbabwe was caught trading money illegally. He was offering a fake exchange rate at a shopping centre. Undercover police officers caught him in the act and arrested him. He has been sentenced to 6 months in prison, with 3 months suspended. Sakonda will serve 3 months in jail for breaking the law. Trading money illegally is not allowed in Zimbabwe, and people who do so can go to prison.

Glen Norah Money Changer Sentenced To 6 Months Imprisonment

A 20-year-old Harare man, Bernard Rufaro Nyamande, was sentenced to 12 months imprisonment by the Harare Magistrates’ Court on charges of unlawfully dealing in foreign currency.
According to a statement from the National Prosecuting Authority (NPA), the incident occurred on April 18, 2024.
Police officers who were conducting surveillance spotted the Nyamande engaging in foreign currency dealings outside the OK Machipisa store.
The police officers then set a trap, approached the accused, and proposed to exchange US$30 for Zimbabwe Gold (ZWG435).
After some negotiations, Nyamande transferred the requested amount of ZWG435 to an account used by the officers for the sting operation and received US$30 in return.
The other police officers monitoring the transaction then immediately arrested the accused person.
Nyamande pleaded guilty to the charges and was sentenced to 12 months of imprisonment, with 6 months of the sentence suspended for 5 years.
He will serve the remaining 6 months of the sentence effectively.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

A 20-year-old man in Harare was jailed for 6 months for trading foreign currency illegally. The incident happened in 2024 outside a store. Some police officers saw him trading and caught him in a sting operation. The man admitted to the charges and was sentenced to 12 months in jail, but he will only serve 6 months. He will be on probation for 5 years. Trading foreign currency without permission is against the law in Zimbabwe.

Money Changer Jailed 6 Months For "Unlawful Foreign Currency Dealings"

A suspected money changer was acquitted by the Masvingo Magistrates Court on Wednesday after spending 30 days in remand prison.
<a href="https://masvingomirror.com/money-changer-acquitted-after-30-days-in-remand-prison/">The Mirror</a> reported that Michael Zumba was arrested on suspicion of dealing in foreign currency and subsequently spent 30 days in pre-trial detention.
Zumba’s three-year-old daughter died last week while he was in detention.
Masvingo magistrate Nomagugu Sibanda ruled that the police officers who gave evidence were not credible witnesses as they gave conflicting information in court.
Zumba was represented by Knowledge Mabvure of Chihambakwe Law Chambers.
Zumba was arrested at Yeukai Business Centre in Mucheke and police officers found US$20 and ZAR20 in his possession.
Magistrate Sibanda pointed out that one of the police officers said that they heard Magugu shouting for foreign currency customers from a distance while the other said they saw him selling airtime.
Zumba was released from custody last week by the court to attend the funeral of his child.
Progress Magara prosecuted.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

"Money Changer" Acquitted After 30 Days In Remand Prison

Some illegal money changers are now duping members of the public of their hard-earned money as their customer base dwindles due to the firming of the street rate as well as the official rate.
A report by <a href="https://www.manicapost.co.zw/forex-dealers-get-desperate/">The Manica Post</a> says some victims have lost their entire salaries or bank loans in botched transactions involving illegal foreign currency dealers.
The deceitful forex dealers reportedly mainly target people coming from outlying areas to withdraw their monthly salaries in Mutare, Nyanga, Rusape and Chipinge urban areas.
One of the victims of the forex dealers who requested anonymity told <a href="https://www.manicapost.co.zw/forex-dealers-get-desperate/">The Manica Post</a> that he lost a ZWL$2 million bank loan to a female dealer at Mudzviti Bus Terminus.
The victim said the woman in question insisted that the money transferred had not reached her account, hence she could not give him any US dollars. He said:
<blockquote>
This happened on July 20 when I had gone to change my ZWL2 million bank loan into USD. I approached this other lady at Mudzviti Bus Terminus who said she could get me some foreign currency.
She was in possession of a POS machine and we agreed on the rate of the transfer.
After l entered my PIN, she told me that the money had not reached her account. She said it could be hanging, hence she could only give me the USD after the money reflects in her account. Surprisingly, the money in question had already been deducted from my account.
After a heated argument over the issue, she told me to go to my bank and reverse the transaction. When l visited my bank, I was told to bring a letter from the recipient confirming that l should reverse the transaction.
When I went back to Mudzviti Bus Terminus, the lady was nowhere to be found. Up to now, I am still looking for her.
</blockquote>
Desire Dube of Chipinge told the publication that he fell victim to a forex dealer early this year. He said:
<blockquote>
I was once a victim early this year when I went to Chipinge town to collect my salary. I was told to do a Zipit transaction. I did. After a few minutes, the dealer told me that he had not received the money.
I argued with him for almost an hour, and we later agreed that I should come back after an hour. When I came back, he insisted that he had not received anything.
We spent almost three hours arguing over the issue, and he only gave me part of what I was entitled to and asked me to come back the following day since he was insisting that it was not his problem. That was the last time I saw him.
</blockquote>
Tedious Chinyowa, a well-known socialite in Nyamhuka, Nyanga, said he has come across several people who have been duped by forex dealers.
Zimbabwe Republic Police (ZRP) spokesperson in Manicaland Province, Inspector Nobert Muzondo, said they are yet to receive reports from victims of such transactions, but warned the public not to engage in illegal forex deals. He said:
<blockquote>
It seems people do not approach the police after falling victim. We urge members of the public who would have fallen victim to approach the police and file reports.
Street money changing is outlawed in Zimbabwe. That’s why the forex dealers always play hide and seek with law enforcement agents.
We will get to the bottom of this issue. We urge members of the public to give us information whenever such things happen so that we bring the perpetrators to book.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Man Loses ZWL$2 Million Loan To Money Changer

The relaxation of the coronavirus lockdown to Level 2 has seen banks operating for more hours and days.
This has enabled illegal money changers to access cash which they sell for foreign currency or electronic money.
A video of a money changer boasting after receiving crisp sealed $5 bond notes has gone viral on social media.
Watch the video below posted on Twitter by <a href="https://twitter.com/TechMagTV/status/1257313585786613761" rel="noopener noreferrer" target="_blank">Tech Mag TV</a>:
<div class="wp-video" style="width: 320px;">
<video class="wp-video-shortcode" controls="controls" height="580" id="video-161967-1" preload="metadata" width="320"><source src="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/05/Moneychanger.mp4?_=1" type="video/mp4"/><a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/05/Moneychanger.mp4">https://t792ae.c2.acecdn.net/wp-content/uploads/2020/05/Moneychanger.mp4</a></video></div>

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