Businessperson in K3.2bn forex scam
Blantyre-based businessperson Mahomed Rafiq Amad has been dragged to court for alleged externalisation of $4 362 000 (about K3.2 billion at current rate).
Amad was allegedly externalising foreign currency through his Intertrade Agency and Mozimpex Malawi and Mozimpex Mozambique companies, in which he had controlling interests, on the pretext of importing goods which were never brought into the country, according to court documents seen by The Nation.
Investigations conducted by the Reserve Bank of Malawi (RBM) discovered that the businessperson was illegally transferring foreign currency through use of forged import documents.
The documents show RBM discovered suspicious transactions with respect to a bank account opened on August 13 2013 held at one of the commercial banks to the credit of Intertrade Agency.
Using this Intertrade Agency account, Amad is alleged to have been remitting foreign currency to Vic Charm in Hong Kong for importation of cotton seeds yet no importation was done.
Hearing of the case failed to proceed yesterday after defence lawyer Frank Mbeta failed to turn up as he was reportedly in Lilongwe attending to other issues.
“Again, the presiding magistrate Bodole had just been appointed assistant registrar of the High Court so the case has been transferred to Reverend Peter Kandulu who needs to study and understand the case before hearing it,” explained public prosecutor Thabo Chakaka Nyirenda.
