News / National
Businessman in US$368,00 money-laundering storm
10 hrs ago |
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A Harare-based businessman has appeared in court facing allegations of facilitating a money-laundering scheme involving the importation of Naphthalene from South Africa.
Peter Bhachi, a director of Tamir Customs Clearing (Pvt) Ltd, appeared before Harare magistrate Jessie Kufa facing charges of contravening the Exchange Control Act and the Money Laundering and Proceeds of Crime Act.
Prosecutors allege that between April 1 and May 8 last year, Bhachi was involved in suspicious transactions amounting to US$368,695.65.
The State claims he used his company to facilitate imports despite not being registered as an importer with the Reserve Bank of Zimbabwe.
According to the prosecution, Bhachi and his alleged accomplices imported naphthalene using fraudulent documentation as part of a scheme to launder money and legitimise the transactions.
The alleged operation reportedly involved Ledim Investments (Pvt) Ltd, which is said to have received the imported goods.
Investigations further indicate that the transactions were not processed through official exchange control systems, and authorities say the source of the funds used could not be verified.
Bhachi was arrested on August 19 last year and was granted bail of US$200. Two other suspects, who were also arrested, have reportedly implicated him in the alleged scheme.
Authorities say none of the funds involved - totalling over US$368,000 - have been recovered to date.
The matter remains before the courts, with Bhachi expected to return for continuation of trial.
Peter Bhachi, a director of Tamir Customs Clearing (Pvt) Ltd, appeared before Harare magistrate Jessie Kufa facing charges of contravening the Exchange Control Act and the Money Laundering and Proceeds of Crime Act.
Prosecutors allege that between April 1 and May 8 last year, Bhachi was involved in suspicious transactions amounting to US$368,695.65.
The State claims he used his company to facilitate imports despite not being registered as an importer with the Reserve Bank of Zimbabwe.
According to the prosecution, Bhachi and his alleged accomplices imported naphthalene using fraudulent documentation as part of a scheme to launder money and legitimise the transactions.
Investigations further indicate that the transactions were not processed through official exchange control systems, and authorities say the source of the funds used could not be verified.
Bhachi was arrested on August 19 last year and was granted bail of US$200. Two other suspects, who were also arrested, have reportedly implicated him in the alleged scheme.
Authorities say none of the funds involved - totalling over US$368,000 - have been recovered to date.
The matter remains before the courts, with Bhachi expected to return for continuation of trial.
Source - newsday
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