News / National
Zimbabwe man fined US$200 for illegal forex trading
2 hrs ago |
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A 20-year-old man from Bulawayo has been fined US$200 or sentenced to six months in prison after being convicted of illegally dealing in foreign currency during a police crackdown on illicit financial activities.
Mitchel Noah, of Pumula South suburb, pleaded guilty to contravening the Exchange Control Regulations Act when he appeared before Western Commonage Magistrate Jeconia Prince Ncube. He was given until June 5 to pay the fine.
Prosecutor Tafara Dzimbanhete told the court that Noah was arrested on April 27 at around 2PM during a police operation code-named "Iron Net" at Entumbane Shopping Complex.
According to the State, detectives conducting the operation observed Noah engaging in suspected illegal foreign currency transactions before moving in to apprehend him.
"The detectives approached the accused and found him in possession of an AFC Bank point-of-sale machine, a Nokia 106 cellphone and cash amounting to US$40 and R2 891," said Mr Dzimbanhete.
Investigations revealed that Noah was using the point-of-sale machine and mobile phone to exchange United States dollars for Zimbabwe Gold (ZiG) currency on behalf of clients without the required authorisation.
Upon questioning, he failed to produce a valid licence permitting him to deal in foreign currency, leading to his arrest.
Further evidence was obtained after the mobile phone was analysed at a forensic cyber laboratory, which uncovered text messages and images of transaction receipts linked to illegal forex dealings.
The point-of-sale machine was also examined at ZB Bank, where records showed it had processed multiple transactions over a period of time.
Illegal foreign currency trading remains a criminal offence in Zimbabwe, with the Reserve Bank of Zimbabwe and law enforcement agencies intensifying efforts to clamp down on parallel market activities and stabilise the financial system.
Mitchel Noah, of Pumula South suburb, pleaded guilty to contravening the Exchange Control Regulations Act when he appeared before Western Commonage Magistrate Jeconia Prince Ncube. He was given until June 5 to pay the fine.
Prosecutor Tafara Dzimbanhete told the court that Noah was arrested on April 27 at around 2PM during a police operation code-named "Iron Net" at Entumbane Shopping Complex.
According to the State, detectives conducting the operation observed Noah engaging in suspected illegal foreign currency transactions before moving in to apprehend him.
"The detectives approached the accused and found him in possession of an AFC Bank point-of-sale machine, a Nokia 106 cellphone and cash amounting to US$40 and R2 891," said Mr Dzimbanhete.
Upon questioning, he failed to produce a valid licence permitting him to deal in foreign currency, leading to his arrest.
Further evidence was obtained after the mobile phone was analysed at a forensic cyber laboratory, which uncovered text messages and images of transaction receipts linked to illegal forex dealings.
The point-of-sale machine was also examined at ZB Bank, where records showed it had processed multiple transactions over a period of time.
Illegal foreign currency trading remains a criminal offence in Zimbabwe, with the Reserve Bank of Zimbabwe and law enforcement agencies intensifying efforts to clamp down on parallel market activities and stabilise the financial system.
Source - Sunday News
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