Chinhoyi man in court for forex dealing

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By Paul Katanda 

A 38 year old man from Chinhoyi was Thursday dragged before Harare magistrate Stanford Mambanje answering to charges of illegal dealing in foreign currency.

Melusi Mabhena (38) who was represented by Admire Rubaya was granted ZW$50 000 bail.

Allegations are that in January 2021, Mabhena planned to buy foreign currency on the black market.

He then allegedly went on to liaise with individuals and shop operatives that whenever they want to make orders with foreign Currency they must engage him so he will do so in local currency and pocket the US$.

The court heard that from January 2021 to May 2021 Mabhena received a total of ZW$9 434 485 in his NMB and after receiving the amount, he paid a total of ZW$33 250 on January 26 at Teecherz Furniture’s in Chinhoyi on behalf of Misheck Nyarubero.

In turn, it is alleged that Nyarubero gave Mabhena United States dollars using a rate on the parallel market that day.

Two days later, Mabhena allegedly paid a total of ZW$33 622 at Municipality of Chinhoyi on behalf of Merion Matewere and in turn Matewere gave him United States dollars using a prevailing parallel market rate of that day.

In February 2021,  Mabhena also allegedly paid a total of ZW$40 256 at Municipality of Chinhoyi on behalf of Goodwill Makaniso and he received United States dollars in turn.

In April that year, he allegedly paid ZW$150 911 at  the same Municipality on behalf of Henry Dope who in turn also gave him United States dollars.

The court papers state that he kept on paying Zim $ at the Chinhoyi Municipality and at Gains Cash and Carry on behalf of different clients throughout the month of April 2021.

Investigations were made and Mabhena was arrested on the basis that he violated the Exchange Control Act.