Zimbabwe News and Internet Radio

170 illegal forex dealers arrested

By Freeman Razemba

About 170 illegal foreign currency dealers have been arrested countrywide since last week as police intensify a campaign against currency trading.

File picture of forex dealers in Zimbabwe
File picture of forex dealers in Zimbabwe

Police also say they launched the operation against the illegal currency traders because they pose a serious security and economic threat to the country.

National Police spokesperson Assistant Commissioner Paul Nyathi confirmed the arrests yesterday, saying they were conducting the operation together with other relevant stakeholders.

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“The Zimbabwe Republic Police, having noted that activities by illegal foreign currency dealers were posing a serious security and economic threat to the country, embarked on a countrywide operation meant to enforce Statutory Instrument 122A of 2017, Exchange Control (Amendment) Regulations, 2017 (No.5), which criminalises the illegal trading in foreign currency.

“This operation is being done in conjunction with relevant stakeholders,” he said.

Asst Comm Nyathi said statistics from provinces on Monday indicated that six people were arrested for illegal dealing in foreign currency and seven for blocking pavements countrywide.

“Cumulatively, as from October 18, 2018, a total of 107 arrests have been made for dealing in foreign currency and 58 for blocking pavements countrywide.

“Police are warning members of the public to desist from illegally dealing in foreign currency as the long arm of the law will always catch up with them,” he said.

He said the operation would continue until there was sanity in all towns and cities.

“Members of the public, business entities, corporates and individuals are encouraged to cooperate with law enforcement agents in order to ensure that law and order are maintained throughout the operation,” Asst Comm Nyathi said. The Herald