ANOTHER WEEK IN REMAND PRISON FOR FOREX DEALERS

H-Metro reporter

THERE was no joy, once again, for the illegal foreign currency dealers who were hoping to get bail yesterday.

They were manded further in custody after the State submitted that it wants to make supplementary submissions through the arresting details.

Some of the 65 forex traders, who initially appeared at the weekend and filed their bail applications on Monday, were back in court yesterday for their bail ruling.

Many were expecting they could finally be released on bail, after their arrest last week.

However, the State applied to make further submissions through the arresting details before the determination on bail could be made.

Some of the forex dealers are back in court tomorrow. One of the dealers missed his wedding on Saturday after he was remanded in custody.

Lardmio Ruvisi of Warren Park 1, told the National Prosecuting Authority vetting office that when he was arrested on Independence Day, he was looking for United States dollars to finalise his wedding preparations.

He has been in remand prison for a week now.

He was arrested, together with the other 64 suspected dealers, in a blitz in Harare.

The is alleging that on Independence Day, a team of detectives was conducting an operation against illegal forex traders.

They conducted surveillance at the corner of Sir Seretse Khama Street (former Angwa Street) and George Silundika Avenue and spotted Ruvisi dealing in foreign currency.

The team approached him and Bianca Masvaure and requested him to transfer Buddie airtime for ZiG130,  equivalent to US$10.

Masvaure gave Ruvisi US$10 who then failed to transfer the airtime to Masvaure’s phone. 

He was arrested.

Some of these dealers will have spent, at least, FOURTEEN days, in remand prison by the time they return to court, on May 2, for their bail rulings.

Others will be back tomorrow.

This is likely to send a very powerful message that the State is fighting back against the foreign currency cartels, who have been creating havoc in the economy through their speculative machinations.

In the past, the forex dealers were granted bail quickly, which provided the impression that their cases were very lightweight despite the huge damage they were making on the economy.

However, after authorities provided a cocktail of measures, including the introduction of the ZiG, to try and find a solution to the challenges which were hurting the economy, it appears there is now a tough stance towards the illegal forex dealers.

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