Businessman cleared of duping forex dealers US$765 000

INDIAN businessman Munir Kamruddin Kazi was yesterday cleared of charges of duping eight people of US$765 000 in botched foreign currency exchange deals during 2019, with the court discharging him at the close of the State's case for lack of evidence linking him to the possible offence, even doubting whether the money ever existed.

Harare regional magistrate Mrs Vongai Guwuriro discharged Kazi after noting that there was no evidence linking him to any deal that saw the eight losing the money they said they lost.

Mrs Guwuriro, in her ruling on Kazi's application for discharge at the close of the State case prepared by lawyer Mr Oliver Marwa, said the eight approached the court with dirty hands and there was doubt on whether or not such a huge amount ever existed.

Kazi was jointly discharged with Andre Hoffman on fraud charges.

They were alleged to have duped forex dealers Charles Nyamunda Jounet, Codwell Muhoni, Wisdom Hodzi, Rodney Makarutsa, Benard Nyangoni, Nyevero Chibisa, Tinashe Kadzunge and Henry Abraham.

In her ruling, Mrs Guwuriro said the eight's versions of how they were duped was heavily manifested with inconsistencies, casting doubt on whether they had such money or Kazi and Hoffman ever received any money.

"From the version of four witnesses who testified in court, there was a video of the accused confirming receiving the money," she said.

"The video recording was not produced in court and it was not included on State papers when such was of crucial importance.

"It was then difficult to say accused 1 and 2 (Kazi and Hoffman) should be bound by an agreement that was made in their absence."

Mrs Guwuriro ruled that there was no evidence to show that the eight had the money apart from what they said.

She said the court wondered how they transacted such a huge amount without leaving a paper trail.

"None of them was dealing legally," said Mrs Guwuriro. "They approached the court with dirty hands. They were all dealing illegally. The witnesses had dirty hands when they approached the court and none of the witnesses categorically said that they handed the money to first accused."

It was the State's case that on October 28, 2019, Jounet was approached by Paradigm Shift Communications director Shingirai Levison Muringi, who told him that he was looking for local currency in exchange for United States dollars.

 Muringi will be separately prosecuted on the same offence.

Jounet is said to have shown interest in the deal and told his colleagues, who in turn also liked the deal.

It is said that on the same day, Muringi took Jounet, Hodzi and Makarutsa to a house in Avondale, Harare, where they were introduced to Hoffman.

The court heard that Jounet then handed US$765 000 to Muringi and Hoffman, who promised that his principal would transfer $17 212 500 into their bank accounts.

At around 6pm on the day in question, Kazi allegedly sent fictitious proof of payments to the eight, which he purported were from Ecobank.

Upon receiving the proof of payments, the eight waited for the money to reflect in their accounts.

The court heard that after a while, the eight made enquiries from the bank and discovered that the account was non-existent and tried to get their money back from Kazi and his co-acccused.

According to the State, out of the US$765 000, Jounet contributed US$28 000, Muhoni US$100 000, Hodzi US$51 000, Makarutsa US$35 000, Nyangoni US$50 000, Chibisa US$87 000, Kadzunge US$65 000 and Abraham US$349 000.