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Malawi Cables has it on authority that Samir Bala, the owner of Low Price Hardware , together with his accomplices Salman Sheik of Kuwait Hardware and Toufeeq, have been running another syndicate that is allegedly externalizing forex on behalf of other foreign nationals in the country, contributing significantly to the forex shortages Malawi continues to face today.
According to cables investigations, the cartel has been operating and moving large volumes of money for other foreign nationals from 2022 to the present.
The business Low Price Hardware allegedly being used as a front is operating as chain stores in Balaka, Liwonde, Ntcheu, and Limbe.
We have it on authority that the trio is currently based in Limbe.
Among other activities, the trio is alleged to move millions in forex using Tanzania and Dubai as transit points, with the money ultimately ending up in India, while some remains in Tanzania and Dubai.
Malawi Cables can further reveal that some of the proceeds have allegedly been used to purchase property in India and Dubai.
We have corroborated this information with officials at our airports, who have confided to Malawi Cables that the trio has been travelling outside the country frequently since 2022 until now and the nature of these trips were not known .
Individuals seeking to move money illegally out of Malawi are allegedly charged 30% of the total amount being transferred in exchange for the trio’s services.
Some of the illicit funds are also alleged to have been invested in property in Limbe locally as a way of cleaning the dirty money , records are available with the ministry of lands about such property . We are working with our counterparts to trace and locate the foreign assets.
A few weeks ago, Malawi Cables revealed another syndicate run by Shabir Raidhan and wife Amina that had been moving millions of dollars every week and had been shielded from prosecution by law enforcement agencies.
We call upon the Financial Intelligence Authority and the Malawi Revenue Authority to investigate Low Price and Kuwait Hardware.
The revelations, could be shocking to the nation.
When we tried to reach to Samir Bala for comment on this matter, his phone was unavailable.
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