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Workers face US$2,6m laundering charges
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Two employees of Panashe Petroleum have appeared in court facing allegations of money laundering and violating Zimbabwe's Exchange Control Act in transactions involving more than US$2.6 million.
Ipaishe Richman Madziwa (22) and Willmore Nyama (29) appeared before Harare magistrate Musaiona Shortgame, charged with contravening the Exchange Control Act and engaging in money laundering activities. They were each granted US$300 bail.
According to the State, detectives from the CID Asset Forfeiture Unit carried out a targeted raid on November 13, 2025, under Operation "Pressure Valve", which focuses on detecting illicit financial activities and fuel-sector crimes. Officers descended on four premises linked to the accused: Market Street in the city centre, a property in Eastlea, 1750 Ardbenie in Waterfalls, 678 New Davies Way in Parktown, Waterfalls, and an address along Seke Road.
Investigations allegedly revealed that between January 2025 and November 13, 2025, Madziwa and Nyama facilitated the importation of 2 050 000 litres of diesel and petrol. The State claims the pair made offshore payments for these fuel imports without securing the necessary authorisation from the Reserve Bank of Zimbabwe's Exchange Control Unit, in breach of national foreign currency regulations.
Prosecutors further allege that the source of funds used in the transactions could not be accounted for, raising suspicion of systematic money laundering. During the search, detectives recovered US$20 950 in cash from a safe at the Eastlea premises.
The total value of the alleged illegal transactions is pegged at US$2 632 500.
Madziwa and Nyama are expected to return to court as investigations continue.
Ipaishe Richman Madziwa (22) and Willmore Nyama (29) appeared before Harare magistrate Musaiona Shortgame, charged with contravening the Exchange Control Act and engaging in money laundering activities. They were each granted US$300 bail.
According to the State, detectives from the CID Asset Forfeiture Unit carried out a targeted raid on November 13, 2025, under Operation "Pressure Valve", which focuses on detecting illicit financial activities and fuel-sector crimes. Officers descended on four premises linked to the accused: Market Street in the city centre, a property in Eastlea, 1750 Ardbenie in Waterfalls, 678 New Davies Way in Parktown, Waterfalls, and an address along Seke Road.
Investigations allegedly revealed that between January 2025 and November 13, 2025, Madziwa and Nyama facilitated the importation of 2 050 000 litres of diesel and petrol. The State claims the pair made offshore payments for these fuel imports without securing the necessary authorisation from the Reserve Bank of Zimbabwe's Exchange Control Unit, in breach of national foreign currency regulations.
Prosecutors further allege that the source of funds used in the transactions could not be accounted for, raising suspicion of systematic money laundering. During the search, detectives recovered US$20 950 in cash from a safe at the Eastlea premises.
The total value of the alleged illegal transactions is pegged at US$2 632 500.
Madziwa and Nyama are expected to return to court as investigations continue.
Source - The Herald
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