Few days ago top management of eight corporations were arrested for allegedly shifting over $1,5 billion in unlawful overseas foreign money offers within the first six months of final 12 months. The offers concerned transferring large quantities of cash from company financial institution accounts into cellular cash agent and bulk cost traces.Investigations by TechnoMag indicate however, they aren’t among the many 30 people cited by the Reserve Bank of Zimbabwe (RBZ) for their involvement in unlawful overseas foreign money offers and have been banned from working with financial institutions and cellular cash accounts.Rbz is always cleaning up bank institutions mess who let all these loopholes.
Each of the eight corporations moved quantities starting from $59 million to over $300 million via their Steward Bank accounts into dozens of EcoCash agent traces that have been later used as conduits to mop up overseas foreign money by black market sellers.
Information from RBZ and the law enforcement agents are that
“The particulars are contained in court docket paperwork.The corporations and their administrators have been hauled to court docket final week charged with contravening the Exchange Control Act.”
According to the court docket paperwork, which have now helped to raise the veil on the underworld of unlawful overseas foreign money market, the eight moved $1 511 470 476 in just below six months.
Kay Mudonhi Investments together with the co-accused Kudzai Mudonhi (34) and Justice Mahuni (29) allegedly moved $150 million between January 1 and June 30 final 12 months to finance unlawful overseas foreign money purchases.
Vision Credit Source Pvt Ltd was collectively charged with Takudzwa Godwin Rafemoyo (42) for illicitly shopping for overseas foreign money for $192 million between January and June final 12 months.Rafemoyo opened a checking account for Vision Credit with Steward Bank earlier than registering 5 separate EcoCash agent traces, which have been then used as conduits to maneuver the cash to the road patrons.
Access Finance Pvt Ltd and Singathini Raymond Chigogwana (47) have been charged with shopping for overseas foreign money value $185 million via 12 EcoCash agent traces final 12 months.
Isau Bwerinofa (43) was charged together with Access Finance Pvt Ltd for utilizing over $185 million to purchase overseas foreign money via EcoCash traces. Bwerinofa is being individually charged together with Chemmodities Trading Pvt Ltd for delivery $333 million into the black market between January and June final 12 months.
Juso Global Pvt Ltd and Justice Mahuni (29), who have been arrested on September 25, are dealing with prices of shifting $262 million from Steward Bank accounts into their EcoCash agent traces earlier than buying foreign exchange via proxies.
Capital Profit Financial Services and Tapiwa Madzara (32) are being charged with funding illicit overseas foreign money purchases valued at $59 million.
The big question for Monday Blues is how has this been done unchecked without the technical know how of bank institutions who let this happen before their watch?All of the accused have been denied bail.