Indian Businessman Found Not Guilty Of Defrauding Forex Dealers US$765 000
Munir Kazi, an Indian businessman, was Tuesday found not guilty of defrauding some forex dealers of US$765 000.
Harare Magistrate Vongai Muchuchuti-Guwuriro found Kazi and his co-accused Andre Hoffman not guilty citing the State’s failure to present evidence against the duo.
She also said the forex dealers had approached the courts at the back of breaching the law, NewZimbabwe reported. Foreign currency trading is illegal in Zimbabwe.
She said the foreign currency deal; if ever it existed, was illegitimate.
The magistrate said none of the forex dealers confirmed giving the money to the Indian businessman (Kazi) while adding that the State submitted grossly unreliable and contradictory evidence from the traders.
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What happened: The court heard that, on October 28, 2021, Kazi and Hoffman connived with one Shingirai Muringi to fleece the forex dealers.
Muringi is said to have approached Charles Nyamunda Jounet, a forex dealer and misrepresented that they could provide large sums of money in local currency in exchange for United States dollars.
Muringi allegedly said they wanted to buy US$765 000 in exchange for ZW$17 212 500.
Jounet allegedly said he did not have enough US dollars and was advised by Muringi to source more from other foreign currency dealers.
The forex dealers allegedly contributed as follows:
1). Jounet – US$28 000,
2). Codwell Muhoni – US$100 000,
3). Wisdom Hodzi – US$51 000,
4). Rodney Makarutsa – US$35 000,
5). Benard Nyangoni US$50 000,
6). Nyevero Chibisa US$87 000,
7). Tinashe Kadzunge – US$65 000 and
8). Henry Abraham – US$349 000.
Hoffman allegedly told them that his co-accused, Kazi, would transfer the money into their bank accounts, which was never done, forcing them to report the matter to the police.
Kazi last year applied to have his matter separated from Muringi, who is yet to appear in court to answer charges on the fraud case.
Magistrate Muchuchuti said no one would genuinely give away such large sums of money without signing any document, more so, to someone they met on the same day and did not have a close relationship with.