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Two foreign currency traders Takudzwa Mabika (22) and Bernard Nyamande (20) in custody for an illicit foreign currency transaction involving US$30.
The pair was arrested by undercover police officers at OK Machipisa Car Park, Highfields, Harare, on the afternoon of April 18, 2024. Posing as civilians, the officers engaged in currency exchange with the traders, who were unaware of their true identities, the court heard.
The transaction, which violated the Exchange Control Act, led to their arrest post the deposit of funds into their accounts.
During their court appearance before magistrate Ethel Chichera, public prosecutor Takudzwa Mutyavaviri recounted the events leading to the arrest.
Mabika and Nyamande were observed soliciting to trade US dollars for Zimbabwe Gold (ZiG).
An undercover detective initiated a transaction to exchange US$30 for ZiG at a rate of US$1 to ZiG 14.50, resulting in Mabika transferring ZiG 435.00 into the detective’s CBZ account in exchange for the US currency. The arrest was made immediately after the transaction.
Nyamande has admitted to the charges, while Mabika contests them. The prosecution is now moving to try the cases separately.
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