Muchenje was reportedly suspended weekend together with his Chief Finance Officer, Sibusiso Ndlovu.
The suspension comes hot on the heels of the resignation of three board members in protest over 'unprofessional conduct' within the boardroom.
"I cannot divulge any details on the matter and no one within our organisation can say anything because the matter is subjudice," said NetOne head of public relations Eldrette Shereni.
Contacted for comment, Muchenje said he was not entertaining any questions from the media.
"I cannot entertain the media as of now. Please get in touch with the relevant minister if possible," he said.
Efforts to get a comment from the Minister of ICT Jenfan Muswere were unsuccessful.
However, market watchers have linked the development to a political agenda that has been unfolding with Muchenje being the target.
It is also alleged that there were around six internal audits whose results have not been shared, which were carried out in a bid by the political tycoons to find justification to get rid of Muchenje who was seen as a barrier to their preferred appointee.
The development becomes the second time Muchenje has been suspended during his tenure at NetOne.
In 2018, he was suspended after suing then ICT Minister, Supa Mandiwanzira, six NetOne board members, nine NetOne executives and the Office of the President and Cabinet for allegedly flouting corporate governance rules by interfering in the running of NetOne.
Muchenje was, however, reinstated in February 2019 despite efforts by senior government officials to have him fired.
