News / National
Late former ambassador, wife lose US$1,3m in investment scam
30 Nov 2024 at 12:50hrs | Views
Authorities in Zimbabwe are intensifying efforts to recover nearly US$1.3 million defrauded from the late Ambassador Hurudza Gift Punungwe and his wife, Runako Beauty Punungwe, in an investment scam dating back to 2000.
The suspect, British national Richard Kaye, allegedly convinced the late Ambassador to invest US$214,233 in Lloyd Morgan Company (LMC), a firm he operated alongside Thomas Barclay Group (TBG) in Belgium and France. Acting with five accomplices, Kaye assured the Punungwes of a safe return on their investment, even issuing a personal guarantee in June 2001.
Fraudulent Scheme
Following Ambassador Punungwe's death, Kaye transferred new share certificates to Mrs. Punungwe. Investigations later revealed these certificates were fake. As of October 2013, the Punungwes' investment stood at US$739,333.76 and EUR 661,714.07.
When Mrs. Punungwe attempted to redeem the funds in 2009, Kaye and his accomplices failed to honor the request. Kaye later posted online that LMC and TBG had been dissolved and claimed to be a director of a new entity, YAHPE Limited.
International Investigations
Mrs. Punungwe reported the case to the Ministry of Foreign Affairs and the Zimbabwe Republic Police. The authorities involved Interpol and submitted Mutual Legal Assistance (MLA) requests to the U.S., U.K., and France to investigate and potentially prosecute Kaye.
Preliminary investigations in London uncovered the fraudulent nature of the share certificates and Kaye's misrepresentation. Kaye and his accomplices are known to have residences in England, France, and the United States.
Government's Commitment
The Ministry of Foreign Affairs has formally engaged foreign governments, including the U.S., to assist in investigating and prosecuting Kaye and his associates. A letter addressed to the U.S. Embassy highlighted the criminal conduct of Kaye and his accomplices, naming them as part of a broader scam operation.
The National Prosecution Authority (NPA) is seeking recovery of the Punungwes' investment and prosecution of the suspects. "This case reflects the need for vigilance in protecting Zimbabwean nationals from fraudulent international schemes," the Ministry stated.
Authorities are hopeful that cooperation with international agencies and foreign governments will lead to justice for the Punungwe family and the recovery of the funds. The matter underscores Zimbabwe's broader commitment to pursuing accountability in financial crimes and protecting its citizens from cross-border fraud.
The suspect, British national Richard Kaye, allegedly convinced the late Ambassador to invest US$214,233 in Lloyd Morgan Company (LMC), a firm he operated alongside Thomas Barclay Group (TBG) in Belgium and France. Acting with five accomplices, Kaye assured the Punungwes of a safe return on their investment, even issuing a personal guarantee in June 2001.
Fraudulent Scheme
Following Ambassador Punungwe's death, Kaye transferred new share certificates to Mrs. Punungwe. Investigations later revealed these certificates were fake. As of October 2013, the Punungwes' investment stood at US$739,333.76 and EUR 661,714.07.
When Mrs. Punungwe attempted to redeem the funds in 2009, Kaye and his accomplices failed to honor the request. Kaye later posted online that LMC and TBG had been dissolved and claimed to be a director of a new entity, YAHPE Limited.
International Investigations
Preliminary investigations in London uncovered the fraudulent nature of the share certificates and Kaye's misrepresentation. Kaye and his accomplices are known to have residences in England, France, and the United States.
Government's Commitment
The Ministry of Foreign Affairs has formally engaged foreign governments, including the U.S., to assist in investigating and prosecuting Kaye and his associates. A letter addressed to the U.S. Embassy highlighted the criminal conduct of Kaye and his accomplices, naming them as part of a broader scam operation.
The National Prosecution Authority (NPA) is seeking recovery of the Punungwes' investment and prosecution of the suspects. "This case reflects the need for vigilance in protecting Zimbabwean nationals from fraudulent international schemes," the Ministry stated.
Authorities are hopeful that cooperation with international agencies and foreign governments will lead to justice for the Punungwe family and the recovery of the funds. The matter underscores Zimbabwe's broader commitment to pursuing accountability in financial crimes and protecting its citizens from cross-border fraud.
Source - the herald
