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Money changers get bail after 2 months

by Staff reporter
26 Jun 2024 at 02:12hrs | Views
Two suspected illegal money changers, Abraham Mafukidze (24) and Julius Nyamapfeni, who spent two months in remand prison, have been granted US$50 bail by Masvingo High Court judge Justice Garainesu Mawadze. They were initially denied bail by a Gweru provincial magistrate. 
The two are facing charges of illegally dealing in foreign currency and applied for bail pending trial through their lawyer, Mr. Esau Mandipa.
Justice Mawadze imposed standard bail conditions, requiring the suspects to reside at their given addresses and not interfere with State witnesses. The State alleges that on April 23, police officers observed Mafukidze and Nyamapfeni conducting an illegal currency transaction at a fast food outlet in Gweru, leading to their arrest and the recovery of money and cellphones.

Police have arrested 224 suspected illegal money changers, and the Reserve Bank of Zimbabwe's Financial Intelligence Unit (FIU) has frozen 90 bank accounts and imposed civil penalties on over 40 individuals for violating the Exchange Control Act. The crackdown follows the introduction of the ZiG currency, targeting illegal money changers who violate currency laws.

Source - The Herald