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.