Categories: Zim Latest

“Operation Mari Wakaiwanepi”…Suspected Forex Dealer Cries Foul As State Freezes Bank Acc With US$1 Million

In yet another case which is sending shivers down the spines of many individuals involved in shady deals, the High Court has granted an order which allows the state to freeze a bank account with well over US$1 million belonging to a Harare businessman.

The Herald reports that Jairos Giles (41), who earns US$1 600 a month as managing director of Lapstar Logistics must explain to the State’s satisfaction how he managed to acquire the US$1 048 533 in his bank account.

The Asset Forfeiture Unit also obtained an order which bars Giles from carrying out any transactions regarding his three stands in Crowhill, Borrowdale as well as 4 vehicles.

The State suspects that the properties were bought with the proceeds of crimes such as they suspect that Giles is involved in illegal foreign currency dealings.

Chief law officer Chris Mutangadura, who heads the Asset Forfeiture Unit at National Prosecution Authority (NPA) wrote in his affidavit,

Information in the docket reveals that the said bank account received some substantial amount of money exceeding the statutory threshold of US$10 000 thereby justifying the

granting of the order sought.

The total amount of money transacted by the first respondent between April 2018 and September 2018 is US$1 048 553.

It is suspected that the money deposited into the first respondent’s account and taken out is proceeds of some illegal activities, most likely, illegal foreign currency exchange known as parallel or black market.

The acquisition of property raised by the respondents raises suspicion of commission by him of the crime of money laundering.

According to the State, Giles can only prove that his income is legitimate by producing income tax declarations as well as other supporting documentation.

state media

Share

Recent Posts

Zimbabwe has world’s second-highest food price, WB

The World Bank says Zimbabwe has the world's second-highest food price inflation rate, at 26… Read More

18th March 2024

Men should never use alarms to wake them up, should always provide for their women no matter what, Shadaya Knight

Renowned social media influencer Shadaya Knight says men should never use an alarm to wake… Read More

18th March 2024

Zim launches mineral commodities exchange on VFEX

Zimbabwe is set to launch a mineral commodities exchange on the Victoria Falls Stock Exchange… Read More

18th March 2024

Former NetOne boss, Kangai implores gvt to take drastic measures on looters of public funds

Former NetOne boss Reward Kangai has implored the National Prosecuting Authority (NPA) to take decisive… Read More

18th March 2024

Ex Zimbabwean deputy PM Mutambara publishes new book on AI

Former Zimbabwean deputy Prime Minister Arthur Mutambara has announced the release of a new on… Read More

18th March 2024

AI in Zim: The future is now

By Naison Bangure LAST week, James Manyika (pictured), a Zimbabwean-American and Google’s first senior vice-president… Read More

18th March 2024