Business / Companies
Pyramid scheme boss's case further postponed
14 Sep 2013 at 00:01hrs | Views
THE case of the director of Perfect Shot Investments, one of the Bulawayo pyramid schemes that recently collapsed, Kelvin Mazhanda, who is facing charges of swindling several investors of more than $160 000, has been further postponed.
Mazhanda (24) of 28 Kentmore Road, Morningside suburb in Bulawayo, who has been on the run, was not asked to plead to fraud charges when he appeared before Bulawayo magistrate Mr Abednico Ndebele.
Mazhanda was remanded to 27 September on $2 000 bail. He told the court that he was not in good health and asked for a postponement.
The prosecutor, Mr Malvern Nzombe, said between 1 February and 5 May, Mazhanda with intent to defraud the complainants of their money, placed adverts in the local newspapers misrepresenting to the public that his company, Perfect Shot Investments, had been authorised to accept deposits from the public.
Mazhanda would through his pawn broking company allegedly invite people to deposit their money promising to pay between 30 and 35 percent interest per month.
Mazhanda would draw a contract form with clients where they would provide their identity details and the amount invested.
The complainants allegedly made different deposits during that period running to $163 000. The court was told that Mazhanda took the money and converted it to his own use.
When the pyramid collapsed he allegedly fled to South Africa. He was arrested on his return.
Mazhanda (24) of 28 Kentmore Road, Morningside suburb in Bulawayo, who has been on the run, was not asked to plead to fraud charges when he appeared before Bulawayo magistrate Mr Abednico Ndebele.
Mazhanda was remanded to 27 September on $2 000 bail. He told the court that he was not in good health and asked for a postponement.
The prosecutor, Mr Malvern Nzombe, said between 1 February and 5 May, Mazhanda with intent to defraud the complainants of their money, placed adverts in the local newspapers misrepresenting to the public that his company, Perfect Shot Investments, had been authorised to accept deposits from the public.
Mazhanda would through his pawn broking company allegedly invite people to deposit their money promising to pay between 30 and 35 percent interest per month.
Mazhanda would draw a contract form with clients where they would provide their identity details and the amount invested.
The complainants allegedly made different deposits during that period running to $163 000. The court was told that Mazhanda took the money and converted it to his own use.
When the pyramid collapsed he allegedly fled to South Africa. He was arrested on his return.
Source - Zimpapers
