An illegal Forex trader has lost his car and over US$ 16,000 cash after the court found him guilty of illegal money trade.
The Anti-corruption Division of the High Court has ruled for the confiscation of a white Honda Airwave motor vehicle owned by Ratidzai Lydia Chiodze, sister of the notorious illegal forex dealer Samuel Tererai Chiodze. The vehicle, along with cash totalling ZWL 1,435,500, equivalent to USD 16,386 at the time of seizure, was apprehended by law enforcement.
Prosecutor General’s Asset Forfeiture Application
The Prosecutor General, through the Asset Forfeiture Unit, petitioned for the confiscation of both the vehicle and the money, arguing that they were proceeds from criminal activities. This action is supported by sections 79 and 80 of the Money Laundering and Proceeds of Crime Act, Chapter 9:24.
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Details of the Arrest
Samuel Tererai Chiodze was apprehended on September 24, 2021, during a police crackdown on illegal foreign currency dealers. Detectives had received tips about Chiodze’s unlawful currency dealings.
During a search of his residence, no direct evidence of Exchange Control Act violations was found. However, the police seized a motor vehicle parked at the property. Chiodze resisted handing over the keys, prompting the police to forcibly open the vehicle, where they discovered two sacks containing ZWL 1,435,500, valued at USD 16,386 at the time.
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Court’s Ruling
The court determined that the motor vehicle was used in the commission of a crime, specifically for storing and transporting the illicit cash. Chiodze failed to provide a convincing explanation for the presence of the money in the vehicle. Additionally, the court dismissed his sister Ratidzai Lydia Chiodze’s account of how her vehicle and the cash came to be in her brother’s possession.
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