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Employees in $1.5 million illegal forex transfers to UAE
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Two employees of a Harare-based company have appeared in court for allegedly operating an unlicensed money transfer business that moved more than US$1.5 million offshore.
Kudzai Munatsi, 37, of Marondera, and Natash Matare, 25, of Kuwadzana 6, both employed by Global Packaging Services Investments (Pvt) Ltd in Belvedere, were arraigned at Harare Magistrates' Court on Monday.
Prosecutors allege that between January and August 18, 2025, the duo facilitated illegal payments totaling US$1.55 million to the United Arab Emirates on behalf of local clients, receiving cash in Zimbabwe and settling payments abroad without Reserve Bank of Zimbabwe (RBZ) approval. Investigators recovered receipt books and US$310,145 in cash linked to the alleged transactions.
Munatsi and Matare face two counts: making external payments without RBZ authority, in violation of the Exchange Control Act [Chapter 22:05], and money laundering for concealing the source and movement of illicit funds.
The case was remanded to September 15, with each accused released on US$500 bail.
Kudzai Munatsi, 37, of Marondera, and Natash Matare, 25, of Kuwadzana 6, both employed by Global Packaging Services Investments (Pvt) Ltd in Belvedere, were arraigned at Harare Magistrates' Court on Monday.
Prosecutors allege that between January and August 18, 2025, the duo facilitated illegal payments totaling US$1.55 million to the United Arab Emirates on behalf of local clients, receiving cash in Zimbabwe and settling payments abroad without Reserve Bank of Zimbabwe (RBZ) approval. Investigators recovered receipt books and US$310,145 in cash linked to the alleged transactions.
Munatsi and Matare face two counts: making external payments without RBZ authority, in violation of the Exchange Control Act [Chapter 22:05], and money laundering for concealing the source and movement of illicit funds.
The case was remanded to September 15, with each accused released on US$500 bail.
Source - newsday
