20-Year-Old Jailed as Zimbabwe Escalates Crackdown on Illegal Forex Trading

Harare Man Jailed for Illegal Forex Dealings

In a crackdown on illegal currency exchanges, a 20-year-old Harare man has been sentenced to 12 months in prison for unlawfully dealing in foreign currency.

Bernard Rufaro Nyamande was arrested on April 18, 2024 after police officers caught him engaging in foreign currency transactions outside an OK Machipisa store in the city.

Also Read: Illegal Forex Trader Loses Car And US$16 000 Cash To State After Guilty Verdict

Surveillance and Sting Operation

According to a statement from the National Prosecuting Authority (NPA), Nyamande was caught in the act by police officers conducting surveillance.

To apprehend Nyamande, the officers set up a sting operation. They approached him with an offer to exchange US$30 for Zimbabwe Gold (ZWG435). Following negotiations, Nyamande transferred the ZWG435 to an account used by the officers and received US$30 in return. The officers monitoring the transaction then arrested him on the spot.

Also Read: Government Cracks Down On Illegal Money Changers For Zig Currency Manipulation

Court Ruling and Sentence

Nyamande admitted to the charges in court and was sentenced to 12 months in prison. However, the court suspended 6 months of the sentence for 5 years, meaning Nyamande will serve the remaining 6 months.

Also Read: Zimbabwe Police Intensify Crackdown on Illegal Money Changers Amid Currency Manipulation Concerns

Increased Crackdown on Illegal Currency Dealings

This conviction comes as the Zimbabwe Republic Police’s (ZRP) has been intensifying its crackdown on illegal money changers across the country.

ZRP spokesperson Assistant Commissioner Paul Nyathi stated that since the introduction of the ZWG currency, over 120 foreign exchange dealers have been arrested.

Nyathi warned that the police will show no leniency towards those found guilty of currency manipulation.

“There will be no sacred cows this time as the law will take its course without fear or favour,” he said.

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