Trader nabbed for fraudulent forex transfers
The Malawi Revenue Authority (MRA) on Tuesday arrested owner of Intertrade Agency, Mohamed Rafik Amad, for allegedly using false customs documents to externalise funds worth over US$1.4 million.
MRA Deputy Director of Corporate Affairs Steven Kapoloma said on two separate occasions, Amad presented false customs documents to banks for remittance of forex valued at US$720,000 and US$768,000 to Hong Kong.
On each occasion, Kapoloma said Amad justified the remittance as pre-clearance to import cotton seed but that the importations were never made. He said Amad faked documents to deceive banks, contrary to the Customs and Excise Act.
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