$7.3 Million externalised: Police catch fugitive Byo tycoon Farid Shahadat

Police have arrested the director of Yakuts Marketing (Pvt) Ltd, Farid Shahadat, who was on police wanted list for allegedly externalising more than $1 million to Botswana.

Police recently launched a manhunt for three businesspeople on allegations of externalising a total of $7,3 million this year, on different occasions, leading to the arrest of Shahadat.

He was released on $1 500 bail with the State’s consent coupled with some stringent conditions. As part of his bail conditions, Shahadat, who resides in Bulawayo, 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. Shahadat is being represented by Advocates Lewis Uriri and Onias Takaindisa instructed by Mr Zibusiso Ncube.

Prosecuting Mrs Tatenda Murindagomo-Mushoriwa alleges that during the period extending from Januarry 1 to April 30 this year, 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. state media