Trader nabbed for fraudulent forex transfers

Post was last updated: June 18, 2015

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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