Farid Shahadat is a Zimbabwean businessman and the director of Yakuts Marketing (Pvt) Ltd. Shahadat was arrested in 2017 after being placed on the police wanted list for allegedly externalising more than $1 million to Botswana.

Arrest For Externalisation

Shahadat who allegedly externalised $1 197 580 appeared before magistrate Ms Josephine Sande on 6 September 2017, charged with contravening the Exchange Control Act.

He was released on $1 500 bail with the State’s consent coupled with some stringent conditions. As part of his bail conditions, Shahadat was ordered to report twice a week to CID Bulawayo on Mondays and Fridays and to reside at number 4 Baxendale Road in Khumalo until the matter is finalised. The court also ordered him to surrender his passport.

The court heard that from January 1 to April 30 2017, Shahadat opened foreign bank accounts with Stanbic and Capital bank in Botswana.

With the help of other couriers, Shahadat crossed into Botswana with large amounts of money.

They deposited a total of $1 197 580 into his three foreign bank accounts — Stanbic Bank account number 906 000 257 2465, Stanbic Bank (906 000 257 2504) and Capital Bank (000 370 300 8498). Investigations revealed that the export of currency to Botswana by Shahadat was done without the approval of the Reserve Bank of Zimbabwe.[1]


  1. Tendai Rupapa, ‘Fugitive’ businessman nabbed for externalisation, The Herald, Published: September 17, 2017, Retrieved: May 4, 2021