Africa-Press – Zimbabwe. By Staff Reporter – THREE suspected economic saboteurs who are among the nine arrested in a Reserve Bank of Zimbabwe (RBZ) blitz targeting illegal foreign currency dealers are finally out on bail.
The three are Access Finance boss Raymond Chigogwana, Esau Bwerinofa director of Chemmodities Trading Private Limited and Takudzwa Rafemoyo.
They were freed by High Court judge Justice Pisirayi Kwenda after a month long stay at the remand rrison.
Following the successful appeal, Chigogwana and Bwerinofa were ordered to pay $200 000 bail each while Rafemoyo was ordered to pay $50 000.
Each of the suspects was also ordered to surrender surety in the form of title deeds to one immovable property as well as their passports.
They will be reporting once a week at the police and continue residing at their given addresses.
The three are facing criminal charges of illegally dealing in foreign currency exchange.
It is the State’s case that senior managers from various companies institutions illegally dealt in foreign currency and by extension caused the Zimbabwean dollar to lose ground against major currencies on the alternative market.
The State told the court that the accused persons operated in a “mafia like modus operandi” involving “a complicated syndicate with other known companies that are under probe.”
Titanium Capital allegedly employed 429 money changers.
Prosecutors said information at hand showed that Titanium Capital’s Tatenda Patrick Musonza is alleged to have dealt in $210 475 688.
Titanium traded with 429 money changers between January and June 2020 and the institution was allegedly still trading using the EcoCash bulk payer line.
Dream High Investments, represented by Tinashe Paradise Magada, is alleged to have transferred $143 669 348 while Access Finance (Private) Limited allegedly transacted $185 420 444.
Tererati (Private) Limited owned by Samuel Tererai Chiodze is said to have transacted $125 722 079 while Capital Profit Financial Services represented by Taitus Tapiwa Madzara, allegedly transacted $59 237 733.
Raymond Mudonhi Investment (Private) Limited, Justice Mahuni, Kudzai Mudonhi and Juso Global Limited Justice Mahuni allegedly illegally traded $150 128 765.
Dream High Investments, received $143 669 348 from different companies and individuals, which it then transferred using the EcoCash bulk payer line to agents who would buy forex on their behalf from the streets.
Access Finance, which is registered as a bureau de change, is alleged to have bought various Econet lines which it would give to various agents, who in turn used them to buy foreign currency on the streets.
It is alleged that its conduct was against the Reserve Bank of Zimbabwe financial regulations.
Vision Credit Source Pvt Ltd was jointly charged with Takudzwa Godwin Rafemoyo (42) for illicitly buying foreign currency worth $192 million between January and June last year.
Rafemoyo allegedly opened a bank account for Vision Credit with Steward Bank before registering five separate EcoCash agent lines, which were then used as conduits to move the money to various buyers.
Between January 16 and May 7 the same year, he transferred $49 million into one of his agent lines before transferring another $49 million into the other lines “for the purpose of buying foreign currency on the black market”.
He went on to transfer amounts ranging between $2 million and $9 million into the other lines for the same reason.
The other suspects were in court appealing for bail on Tuesday and the outcome is yet to be established.
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