News / National
Get rich quick ploy backfires for 16
06 Apr 2017 at 01:43hrs | Views
A Harare man allegedly duped 16 people of over $230 000 after promising them 100 percent interest in a fortnight on every cash investment.
Kudakwashe Brilliant Madzwawa (24) appeared before magistrate Ms Barbara Chimboza yesterday charged with 16 counts of fraud.
Madzwawa was ordered to surrender his passport as part of his bail condition.
He told the court that he lost the passport to people who kidnapped him in November last year, in a case he reported to the police.
"This is a mere civil matter and I will make an appropriate application when I can access the evidence," he said.
The prosecutor, Mr Sebastian Mutizirwa, alleged that between September and December 2016, Madzwawa misrepresented to people that he was into foreign currency trading.
It is alleged that he advised the people that he had a registered company, Avrex Holdings (Pvt) Ltd, but the court heard that the company is not registered.
Madzwawa allegedly told people that they can realise 100 percent interest in a fortnight when they invest money with his company.
It is alleged that 16 people invested money ranging from $1 000 to $72 600 each, totalling $234 580.
The profits did not come and nothing was recovered.
Source - the herald
