After seizing state TV, an army spokesman announced it was targeting people close to Mr Mugabe who had caused "social and economic suffering". Messages attributed to a ruling party Twitter account described the takeover as a "bloodless transition".
The move came after Mr Mugabe sacked his deputy, Emmerson Mnangagwa, in favour of his wife. A statement read out by a general on air denied it was a coup and said Mr Mugabe was safe, but did not say where.
Heavy gun and artillery fire could be heard in northern parts of the capital Harare early on Wednesday.
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