COMPANIES and individuals suspected of being involved in illegal foreign exchange transactions that saw more than $ 1.5 billion traded on the parallel market in six months were denied bail by the government yesterday. Harare Magistrates’ Court.
Titanium Capital (Pvt) Limited, Dream High Investments (Pvt) Limited, Access Finance, Vision Credit Source Private Limited, Capital Profit Financial Services, Capital Profit Financial Services, Raymond Mudonhi Investment Private Limited, Justice Mahuni, Kudzai Mudonhi and Juso Global Limited appearing separately in court charged with illegal foreign currency trading.
All business leaders were denied bail when they appeared before various regional magistrates, who remanded them until October 18 for routine detention.
Harare Regional Magistrate Ngoni Nduna denied bail to Access Finance director Singathini Chigogwana, saying he was likely to interfere with witnesses.
Mr Nduna said Chigogwana was likely to destroy evidence once released on bail.
“The state has shown that it has many witnesses from which statements have been taken by a few.
“The circumstances of this case are that the breach of law is vast and involves many people. The state can choose to use an accomplice as a witness or to indict him.
“In this case, it is obvious that the major part of said witnesses are likely to be complicit witnesses. This makes the evidence of these witnesses very vulnerable to distortion by the interference of the accused,” he said. declared.
Mr. Nduna said the state must explain to witnesses the consequences of being state witnesses in the event that they commit the same offense.
He noted that the process would require the state to invite them to register their complicity in the offense with the police and prosecution, saying the process requires non-interference.
Mr. Nduna in his bail decision also noted that the director of Access Finance frequently flew out of the country.
“What this shows is that the accused has at least one destination outside the jurisdiction of the court.
“It is extreme folly for the court to ignore the fact that it has become easier than before to leave the country illegally.
“It is common knowledge that the courts stuck with the passports of suspects when the owners became fugitives from justice.
“This is the case when people have outside contact. The accused is such a person,” he said.
Mr. Nduna is expected to decide today to grant a bond to the director of Tererai Private Limited, Samuel Tererai Chiodze, who has reportedly negotiated $ 125,722,079.
Harare regional magistrate Mr Taurai Manwere also denied bail to Chemmodities Trading Private Limited director Isau Bwerinofa, claiming he was likely to interfere with witnesses, who he said were his employees. .
Bwerinofa reportedly made a transaction for $ 185,420,444 on the parallel market.
He was ordered to return to court on October 18.
Kay Mudonhi Investments, who is jointly accused with Kudzai Mudonhi and Judge Mahuni, reportedly completed a $ 150 million transaction between January and June 30, 2020.
It is alleged that during the same period, Mudonhi and Mahuni opened current business accounts with Steward Bank in the name of Kay Mudonhi Investments.
They also reportedly opened EcoCash agent lines on behalf of Kay Investments.
The court heard that during the same period, they received $ 150,128,765 in their Steward Bank account, which they then transferred to the EcoCash agent lines, which would then be used to purchase currency in the Street.
Vision Credit Sources (Pvt) Limited, who is co-charged with Takudzwa Godwin Rafemoyo, reportedly made $ 192 million between January and June last year.
Rafemoyo reportedly opened a bank account for Vision Credit with Steward Bank before registering five separate EcoCash agent lines, which were then used as intermediaries to transfer the money to various buyers.
During the same period, Rafemoyo, on behalf of his company, reportedly transferred $ 192,178,880 to an account at Steward Bank and later transferred $ 49 million into EcoCash agent lines for the purpose of buying currency. on the black market.
Between January 16 and May 7 of the same year, he allegedly transferred $ 49 million to one of his agent lines and then used it to buy currency on the black market.
Access Finance and Chigogwana are said to have carried out transactions of $ 185 million through 12 EcoCash agent lines.
Isau Bwerinofa, who is jointly indicted with Access Finance, is said to have used $ 185 million to buy currency on the streets using the EcoCash agent lines.
Bwerinofa also appears separately with Chemmodities Trading for trading nearly $ 333 million in the parallel market.
Juso Global and Justice Mahuni reportedly traded $ 262 million while Capital Profit Financial and its director Tapiwa Madzara reportedly traded $ 59,237,733 with 13 companies and individuals.