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Businessman up for money laundering

by Staff reporter
30 Nov 2020 at 19:05hrs | Views
BUSINESSMAN Fidelis Chuma on Saturday appeared in court on allegations of money laundering involving $300 million.

Chuma, who runs a floor polish company King Cobra, is being accused of using a mobile money transfer platform to allegedly mop up foreign currency on the black market.

Harare magistrate Vongai Muchuchuti-Guuriro will make a ruling on his bail application today. The State led by Constance Ngombengombe opposed bail, with the investigating officer Munyaradzi Shanga saying money laundering is a serious offence with ripple effects on the economy.

He said Chuma was a flight risk and with the amounts involved he had the capacity to start a new life elsewhere. The State also said there is risk of interference with over 100 witnesses, some of whom have admitted giving him foreign currency.

On Friday, the police announced the arrest of Chuma on the money laundering allegations. "The ZRP is investigating a money laundering case involving $361 632 498 where a suspect…Chuma, has been arrested and is being charged for … (contravening the) Money Laundering and Proceeds of Crime Act," the police said.

Through his lawyer Zivanai Makwanya, Chuma stated that he is a proper candidate for bail and all the alleged transactions were legit as he was a registered and authorised mobile money agent.

He said he is a bulk supplier of floor polish in the country through his company King Cobra and he was bound to have huge amounts.

Makwanya said the alleged money was frozen following direction by the central bank and suggestions that he would survive from that were far fetched.

He added that he was not personally dealing with the alleged witnesses and does not even know them as he has employees who operate on his behalf.

Source - dailynews