65 suspected forex dealers are facing the prospect of prolonged incarceration as their bail hearing, initially scheduled for last week’s Independence Day, has been rescheduled to this Wednesday.
The postponement aims to facilitate the submission of written arguments from all involved parties.
During Monday’s proceedings, tension permeated the courtroom as several self-representing defendants found themselves detained, denied bail by the state due to the gravity of the charges leveled against them.
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As the state ramps up its efforts, forex dealers are finding themselves in a new reality. Gone are the days of business as usual as they face extended stays in remand prison. The message reverberates through their networks, signaling a crackdown.
Dozens of illegal foreign currency traders, apprehended across Harare CBD, Chitungwiza, Kuwadzana, and nearby locales, have endured a fourth night behind bars.
Among the 65 arrested in the sweep, some will have spent a minimum of fourteen days in remand custody by their bail hearings on May 2. Others await court appearances tomorrow or Friday.
This stern approach sends a clear signal: the state is resolute in combating currency cartels wreaking havoc on the economy through speculative activities.
Previously, swift bail for forex dealers suggested trivial consequences for their damaging actions. However, recent measures, including the ZiG initiative, demonstrate a tougher stance.
Yesterday, courtrooms hosted numerous bail applications, presided over by provincial magistrates Ethel Chichera and Dennis Mangosi.
Elliot Mavhura, from Seke, Chitungwiza, fell into police hands at Makoni Shopping Centre, engaging in illicit forex trade. Detectives, part of the crackdown, entrapped him when he offered ZiG in exchange for US dollars at inflated rates, surpassing Reserve Bank valuations.
Tapiwa and Justice Nyamadzawo of Chisipite were apprehended at Chisipite Shopping Centre, soliciting US dollars. Undercover officers posed as clients, leading to their arrest after negotiating ZiG exchange rates.
Various bank cards and phones, integral to their illicit operations, were seized as evidence.
