Fraudulent forex dealer jailed 6 years

A Bindura man who defrauded several vendors of over US$30,000 through fake proof of payments in failed foreign currency exchange transactions has been sentenced to six years in prison. Collin Rutendo Chairuka (35) engaged in fraudulent activities between February and March 2021. He posed as someone seeking United States (US) dollars in exchange for Zimbabwean dollars, luring his victims into meetings with his co-accused, Brenda Pangidzwa and Mayhem Chiyangwa, who remain at large.

Chairuka, represented by lawyer Raynos Gumbo of Gumbo and Associates, initially denied the charges in court. The prosecution detailed that Chairuka used his WhatsApp account to solicit US dollars in exchange for the local currency. He defrauded multiple victims using the same modus operandi, misrepresenting that he had deposited the equivalent amount in local currency into various bank accounts.

The magistrate, Shingi Mutiro, handed down a six-year sentence, stating that the offense showed premeditation and careful planning with a "high level of sophistry" employed in its execution. Chairuka received a 12-month suspension of his six-year sentence on the condition of good behavior. Additionally, six months were set aside provided that Chairuka pays restitution of US$3,333 and US$1,700 to one of the victims, Hamunyari Musarapasi.