Hilmax Engineering Directors Arrested Over ZAR 10.7 Million Forex Fraud
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The Zimbabwe Anti-Corruption Commission (ZACC) has apprehended two directors from Hilmax Engineering (Pvt) Ltd for allegedly orchestrating a multi-million-rand fraud scheme through forged import documents, causing prejudice to the Zimbabwe Revenue Authority (ZIMRA) amounting to ZAR 10,755,880.00.
Operations Director Rugare Murwira (59) and Finance Director Patrick Musavaya (57) face seven counts of fraud and violations of the Exchange Control Act. They are accused of submitting falsified Bills of Entry to Stanbic Bank to obtain foreign currency for purported imports from South African firms, which never materialised.
It is alleged that between January 2021 and March 2022, Hilmax Engineering (Pvt) Ltd applied for over ZAR 10.7 million through Stanbic Bank, claiming to import goods. They allegedly used or backdated Bills of Entry assigned to other companies to justify the payments.
An investigation into the foreign currency acquittals revealed that no goods were imported, and the two directors allegedly fabricated release orders to conceal the scheme.
The accused individuals are scheduled to appear at the Harare Magistrate Court on 5 February 2025 to answer charges of fraud and violating the Exchange Control Regulations.
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