Escalating Crackdown: Zimbabwe Police Intensify Efforts Against Illegal Money Changers
In a concerted effort to combat currency manipulation, the Zimbabwe Republic Police (ZRP) has escalated its crackdown on illegal money changers across the country.
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Over 100 Arrested: ZRP’s Ongoing Operation Targets Currency Manipulation
According to ZRP spokesperson Assistant Commissioner Paul Nyathi, since the launch of the Zimbabwe Gold (ZiG) currency on April 5, 2024, over 120 foreign currency money changers have been arrested.
Assistant Commissioner Nyathi emphasized the ongoing nature of the crackdown, stating that they have intensified their efforts to apprehend both low-level operatives and key figures involved in the illegal forex trade.
“We have so far arrested over 120 suspected money changers for contravening the Exchange Control Act but if the suspects provide us with information on who their kingpins are, we will take action against them [ring leaders]. There will be no sacred cows this time as the law will take its course without fear or favour.”
He stressed the importance of cooperation from arrested suspects in identifying higher-level orchestrators of the illicit activities.
Also Read: More Money Changers Arrested for Selling ZiG on the Black Market
No Mercy for Offenders: Zimbabwe Police Warn of Severe Penalties for Currency Manipulation
Nyathi warned that those found guilty of currency manipulation would face severe penalties, emphasizing that the law would be applied rigorously and impartially without any leniency.
“There will be no sacred cows this time as the law will take its course without fear or favour. If the arrested suspects do not provide police with information, they will be heavily sentenced.”
He reiterated the collaborative efforts between the ZRP and the FIU in combating illegal forex trading, underscoring the commitment to restoring order and integrity to the currency market.
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The post Zimbabwe Police Intensify Crackdown on Illegal Money Changers Amid Currency Manipulation Concerns appeared first on iHarare News.
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