News / Regional
Forex dealer jailed 27 years for fraud
29 Feb 2016 at 03:07hrs | Views
A 33-YEAR-OLD illegal foreign currency dealer who has been on the run since December last year after defrauding 17 of his colleagues of R1 million and about $105,000 has been jailed for 27 years by a Beitbridge magistrate.
Mvurachena Tadzembwa popularly known as Mupositori disappeared with the money on December 18.
He duped his colleagues into pooling resources after convincing them that he had found a buyer for their foreign currency.
Tadzembwa, who was hiding in Harare, was arrested when he visited Beitbridge last week.
He was convicted on his own plea of guilty to 11 counts of fraud and six others of theft of property by Gloria Takundwa.
Tadzembwa will serve an effective 10 years after the magistrate suspended five years on condition of good behaviour.
A further 12 years were suspended on condition he restitutes the complainants by March 31.
Prosecuting, Nomathemba Sayi told the court that, the suspect approached 11 foreign currency dealers at the border town on December 18 and collected some money from them after misrepresenting that he had found a buyer for the foreign currency.
She said six people who called after getting news that he was collecting money to sell, added their cash.
Tadzembwa received a total of R955,960 and $105,690 from the complainants and disappeared.
She said the complainants got worried when they could not locate him and he was not reachable on his mobile phones.
The complainants then reported Tadzembwa to the police leading to his arrest last week.
Mvurachena Tadzembwa popularly known as Mupositori disappeared with the money on December 18.
He duped his colleagues into pooling resources after convincing them that he had found a buyer for their foreign currency.
Tadzembwa, who was hiding in Harare, was arrested when he visited Beitbridge last week.
He was convicted on his own plea of guilty to 11 counts of fraud and six others of theft of property by Gloria Takundwa.
Tadzembwa will serve an effective 10 years after the magistrate suspended five years on condition of good behaviour.
A further 12 years were suspended on condition he restitutes the complainants by March 31.
Prosecuting, Nomathemba Sayi told the court that, the suspect approached 11 foreign currency dealers at the border town on December 18 and collected some money from them after misrepresenting that he had found a buyer for the foreign currency.
She said six people who called after getting news that he was collecting money to sell, added their cash.
Tadzembwa received a total of R955,960 and $105,690 from the complainants and disappeared.
She said the complainants got worried when they could not locate him and he was not reachable on his mobile phones.
The complainants then reported Tadzembwa to the police leading to his arrest last week.
Source - chronicle
