News / National
Money changer fined US$200 for illegal forex dealing
2 hrs ago |
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A 42-year-old man from Bulawayo has been fined US$200 or sentenced to six months in prison after being convicted of illegally trading foreign currency during a police operation targeting illicit financial activities.
Dancken Mwinde, of Entumbane suburb, pleaded guilty to contravening the Exchange Control Regulations Act when he appeared before Western Commonage magistrate Jeconia Prince Ncube.
He was ordered to pay the fine by June 5 or face imprisonment.
Prosecutor Tafara Dzimbanhete told the court that detectives conducting an operation codenamed "Iron Net" at Entumbane Shopping Complex on April 27 observed Mwinde allegedly carrying out illegal foreign currency transactions.
Police officers approached him and recovered a POSB point-of-sale machine, transaction slips, a Samsung Galaxy mobile phone, US$78 and R643 in cash.
The court heard that Mwinde had been 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.
When questioned by detectives, he reportedly failed to produce a valid licence permitting him to deal in foreign currency and was immediately arrested.
Authorities have intensified crackdowns on illegal foreign currency trading in recent months as part of broader efforts to stabilise the country's financial system and enforce exchange control regulations.
Dancken Mwinde, of Entumbane suburb, pleaded guilty to contravening the Exchange Control Regulations Act when he appeared before Western Commonage magistrate Jeconia Prince Ncube.
He was ordered to pay the fine by June 5 or face imprisonment.
Prosecutor Tafara Dzimbanhete told the court that detectives conducting an operation codenamed "Iron Net" at Entumbane Shopping Complex on April 27 observed Mwinde allegedly carrying out illegal foreign currency transactions.
Police officers approached him and recovered a POSB point-of-sale machine, transaction slips, a Samsung Galaxy mobile phone, US$78 and R643 in cash.
The court heard that Mwinde had been 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.
When questioned by detectives, he reportedly failed to produce a valid licence permitting him to deal in foreign currency and was immediately arrested.
Authorities have intensified crackdowns on illegal foreign currency trading in recent months as part of broader efforts to stabilise the country's financial system and enforce exchange control regulations.
Source - The Chronicle
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