News / National
Buyanga back in the news, implicated in US$500 000 fraud
12 Jul 2024 at 04:13hrs | Views
In a significant legal case in Harare, Martin Murimirambewa and Shakespear Karuwa, both lawyers, have been implicated in a US$500,000 fraud scandal involving businessman Frank Buyanga.
The case, heard before Magistrate Marehwanazvo Gofa, centers on allegations that in 2009, Chamunorwa Matsika of Monoliser Investments (Pvt) Ltd secured a US$30,000 loan from Buyanga, using property in Hurungwe as collateral valued at over US$500,000.
Matsika later discovered that Buyanga's office was closed and found indications that Buyanga was wanted for fraud in multiple cases. Upon investigation, Matsika learned that his property had been transferred to Hamilton Property Ltd, prompting civil proceedings.
Further investigations revealed that Murimirambewa and Karuwa, alongside Buyanga, allegedly manipulated processes to secure a capital gains tax certificate and subsequently register a deed of transfer at the Deeds Office without proper documentation. This fraudulent act purportedly caused Matsika to suffer a financial loss equivalent to the property's value.
Despite their bail release pending ongoing investigations scheduled for September 3, the case underscores serious allegations of collusion involving legal professionals and a prominent businessman, highlighting systemic vulnerabilities in property transaction oversight in Zimbabwe.
The case, heard before Magistrate Marehwanazvo Gofa, centers on allegations that in 2009, Chamunorwa Matsika of Monoliser Investments (Pvt) Ltd secured a US$30,000 loan from Buyanga, using property in Hurungwe as collateral valued at over US$500,000.
Matsika later discovered that Buyanga's office was closed and found indications that Buyanga was wanted for fraud in multiple cases. Upon investigation, Matsika learned that his property had been transferred to Hamilton Property Ltd, prompting civil proceedings.
Further investigations revealed that Murimirambewa and Karuwa, alongside Buyanga, allegedly manipulated processes to secure a capital gains tax certificate and subsequently register a deed of transfer at the Deeds Office without proper documentation. This fraudulent act purportedly caused Matsika to suffer a financial loss equivalent to the property's value.
Despite their bail release pending ongoing investigations scheduled for September 3, the case underscores serious allegations of collusion involving legal professionals and a prominent businessman, highlighting systemic vulnerabilities in property transaction oversight in Zimbabwe.
Source - newsday
