Forex dealer nabbed, appears in court

Forex dealer nabbed, appears in court
Published: 12 January 2019 (102 Views)
A 24-YEAR-OLD Marondera man, who was nabbed by police while selling foreign currency on the black market, has been arraigned before the courts.

James Mukaro of Cherutombo suburb pleaded not guilty to charges of illegally dealing in foreign currency before Marondera magistrate Patience Chirimo and was remanded out of custody to January 21.

Mukaro is being accused of Contravening Section 5 of the Exchange Control (Amendment) Regulatory Act, Chapter 22:05, ARW Section 4 of SI 109/96 as amended by Section 2 of SI 122Aof 2017: Dealing in Foreign Currency.

According to court papers, on January 5, police officers were on an operation to curb illegal dealing in foreign currency in Marondera.

It is alleged that one Inspector Shayanewako was in civilian attire on spot checks near Zuva Service Station, when he was approached by the accused.

The court heard Mukaro was displaying R300, US$120, and $1 173 bond notes, which he was allegedly trading.

The accused person allegedly lured Shayanewako, saying: "What amount of money are you looking for, my brother? EcoCash, cash or swipe?"

It is alleged that Shayanewako then signalled other police officers who were on deployment for the operation and arrested the accused.

Mukaro was searched and police found various amounts of currencies and denominations in his pocket.

Zvikomborero Chidavaenzi represented the State.

- newsday

Tags: Forex, Dealer, Court,
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