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, yesterday appeared before Harare magistrate Tranos Utawashe, who remanded him to today for bail ruling.
Allegations were 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
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.
He further transferred them from an EcoCash bulk payer line to various EcoCash agent lines owned by companies and individuals who then allegedly purchased forex on the parallel market on behalf of Magada, according to witnesses who were interviewed during the course of investigations.
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”.
Several other companies have also appeared in different courts charged with violating the Exchange Control Act for dealing in varying amounts.