Zimbabwe: Illegal Forex Dealer’s Trial Kicks-Off

Deregistered Capital Profit Financial Services (Pvt) Limited and its director Taitus Tapiwa Madzara yesterday denied charges of illegally dealing in foreign currency on the parallel market when the trial opened at the Harare Magistrates Court.

Madzara, who is charged in his personal capacity and representing his company, told the court that he never dealt in illegal foreign currency and his company had been deregistered months before the arrest.

Through his lawyer, Mrs Tendai Rusinahama, Madzara and his company said they were only involved in EcoCash cash-in and cash-out transactions using bulk agent lines for a commission from the service provider.

“The accused denies the allegations in total, in particular, he denies ever dealing in forex as alleged by the State. The State is put to the strict proof thereof. The accused will state that accused 1 (Capital Profit Financial Services (Pvt) Limited ) is no longer in existence after being struck off from the companies register in 2021 before the arrest.

“Accused’s company was a registered mobile bulk payer and as such when it was in operation, it would receive large volumes of amounts from different clients with instructions to make scheduled payments.

“It also provided cash-in and cash-out facilities. Accused 1, in its operations would form various agent accounts for cash-out from Ecocash to bond notes amongst other various activities. Accused would then receive commissions from service provider and clients,” said Mrs Rusinahama.

Mrs Rusinahama told the court that Madzara was only a director who was never seized with handling the said transactions.