News / National
Tricksters target money changers, cash dealers
13 Jul 2017 at 07:20hrs | Views
POLICE in Bulawayo have warned residents who buy and sell cash that they are now targets of fraudsters and robbers.
Residents are buying cash and are charged interest of between 10 and 20 percent.
They are made to transfer the amount they want in cash together with interest through either a bank transfer or EcoCash.
Some buy US dollars with bond notes and are charged the same interest.
"For instance, if I want $1 000 cash I deposit $1 200 if the person is selling the cash at 20 percent. Cross border traders like us are buying US dollars using the bond notes and we are also charged between 10 and 20 percent interest.
"A number of people are forced to buy the expensive cash to avoid spending hours in queues at banks to get $50 and sometimes nothing," said a resident who declined to be named.
A number of people have been conned in the city while trying to buy the cash.
The fraudsters allegedly wait for their victims to make a transfer or hand over bond notes.
They then say "police are approaching." Their victims, who know they would be conducting illegal transactions, let them get away hoping to hook up later but they never see them again.
At the height of economic challenges, illegal forex changers (osiphatheleni) used the same trick to dupe people.
The selling and buying of cash has become rampant due to cash shortages.
Bulawayo police spokesperson Inspector Precious Simango said the old trick seems to have resurfaced in the city targeting those selling and buying cash on commission.
She said even those transacting using mobile banking have been duped.
"We've received several reports of individuals who have lost their money to fraudsters and thieves purporting to be buying or selling cash," she said.
Insp Simango said desperate people are losing money while trying to make quick profits.
"The victims will be expecting to make profits easily but they end up losing money to these fraudsters.
"It's not wise to conduct any business transactions on the streets with people you don't know. In the event that you are duped, it is difficult for the police to trace these criminals," said Insp Simango.
She said there is another emerging crime where robbers drop some cash and alert a passerby that someone has dropped it, suggesting sharing the spoils with the victim.
"They would say chadonha/iwile meaning it has been dropped let's go and share it in a secluded place. While approaching the secluded place they then rob their targets of their valuables," she said.
Residents are buying cash and are charged interest of between 10 and 20 percent.
They are made to transfer the amount they want in cash together with interest through either a bank transfer or EcoCash.
Some buy US dollars with bond notes and are charged the same interest.
"For instance, if I want $1 000 cash I deposit $1 200 if the person is selling the cash at 20 percent. Cross border traders like us are buying US dollars using the bond notes and we are also charged between 10 and 20 percent interest.
"A number of people are forced to buy the expensive cash to avoid spending hours in queues at banks to get $50 and sometimes nothing," said a resident who declined to be named.
A number of people have been conned in the city while trying to buy the cash.
The fraudsters allegedly wait for their victims to make a transfer or hand over bond notes.
They then say "police are approaching." Their victims, who know they would be conducting illegal transactions, let them get away hoping to hook up later but they never see them again.
At the height of economic challenges, illegal forex changers (osiphatheleni) used the same trick to dupe people.
The selling and buying of cash has become rampant due to cash shortages.
Bulawayo police spokesperson Inspector Precious Simango said the old trick seems to have resurfaced in the city targeting those selling and buying cash on commission.
She said even those transacting using mobile banking have been duped.
"We've received several reports of individuals who have lost their money to fraudsters and thieves purporting to be buying or selling cash," she said.
Insp Simango said desperate people are losing money while trying to make quick profits.
"The victims will be expecting to make profits easily but they end up losing money to these fraudsters.
"It's not wise to conduct any business transactions on the streets with people you don't know. In the event that you are duped, it is difficult for the police to trace these criminals," said Insp Simango.
She said there is another emerging crime where robbers drop some cash and alert a passerby that someone has dropped it, suggesting sharing the spoils with the victim.
"They would say chadonha/iwile meaning it has been dropped let's go and share it in a secluded place. While approaching the secluded place they then rob their targets of their valuables," she said.
Source - chronicle
