A locally registered company, Dreams High Investments (Pvt) Ltd has been arraigned before the courts for violating the Exchange Control Act after it allegedly transferred more than $143 million to EcoCash agents.
Company representative Tinashe Paradise Magada (33), who is accused number two in the case, on Wednesday appeared before Harare magistrate Tranos Utawashe, who remanded him to this Thursday for bail ruling.
It is alleged that in February 2019, Magada decided to purchase foreign currency on the parallel market.
He went on to open a corporate bank account whose number is 1036879153 with Steward Bank in the name of Dreams High Investments (Pvt) Ltd, which is accused number one.
It is further alleged that Magada also registered an EcoCash bulk payer line number 0787 630 377 in his name and linked it to the said Steward Bank account.
Between January 1, 2020, and June 30, 2020, Dreams High Investments received $143 669 348,32 from different companies and individuals through the aforementioned Steward Bank account.
Magada allegedly transferred the said funds into his EcoCash bulk payer line and further transferred them to various EcoCash agent lines owned by companies and individuals who then allegedly purchased forex on the parallel market on his behalf.
The State alleges that his actions were in violation of section 4(1)(a)(i) of the Exchange Control Regulations Statutory Instrument 109 of 1996 and section 5(1)(a)(i) of the Exchange Control Act Chapter 22:05 on “Dealings in Currency”.
The Reserve Bank of Zimbabwe (RBZ) banned Ecocash Agents in 2019 accusing them of fuelling money-laundering.