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Chiyangwa in court for defrauding Guramatunhu of over US$500k in cryptocurrency
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A 31-year-old man from Harare, Lloyd Chiyangwa, appeared before regional magistrate Mr. Donald Ndirowei on Friday, facing fresh money laundering charges after allegedly defrauding prominent eye surgeon Dr. Solomon Guramatunhu of over half a million US dollars.
Chiyangwa, who was hired as a digital expert to manage Dr. Guramatunhu's virtual wallets, is accused of stealing Bitcoin tokens valued at US$566,392 between October 2021 and March 2023. Prosecutors allege that Chiyangwa converted the cryptocurrency into cash and used the stolen proceeds to fund a lavish lifestyle, including purchasing vehicles and real estate.
The court heard that Chiyangwa splurged on luxury items, acquiring several vehicles, including a Toyota Allex (registration AET 7666), a Mitsubishi ASX (registration AFG 6687), and a Toyota Runx (registration AFI 1949). In addition, he allegedly purchased three immovable properties, which were registered under other people's names in an apparent attempt to conceal the illicit origins of the funds.
Prosecutor Mr. Rufaro Chonzi, representing the State, told the court that the theft was discovered by Dr. Guramatunhu, who then reported the matter to the police. The investigation into Chiyangwa's activities is being handled by the CID Asset Forfeiture Unit Northern Region, under references DR 30/04/24, Harare Central CR 47/04/24, Harare Magistrates Court CRB R939/23, and Hrep 608/24.
Despite the ongoing investigation, no recoveries have been made from the stolen funds, and authorities are continuing their efforts to track down the illicit assets.
Chiyangwa, who is currently on remand for other similar cases involving cryptocurrency, was remanded in custody and is expected to return to court for a bail hearing today.
The case has drawn significant attention due to the rising issue of cryptocurrency-related fraud and money laundering in Zimbabwe, with many individuals and businesses facing similar challenges in safeguarding digital assets.
Chiyangwa, who was hired as a digital expert to manage Dr. Guramatunhu's virtual wallets, is accused of stealing Bitcoin tokens valued at US$566,392 between October 2021 and March 2023. Prosecutors allege that Chiyangwa converted the cryptocurrency into cash and used the stolen proceeds to fund a lavish lifestyle, including purchasing vehicles and real estate.
The court heard that Chiyangwa splurged on luxury items, acquiring several vehicles, including a Toyota Allex (registration AET 7666), a Mitsubishi ASX (registration AFG 6687), and a Toyota Runx (registration AFI 1949). In addition, he allegedly purchased three immovable properties, which were registered under other people's names in an apparent attempt to conceal the illicit origins of the funds.
Despite the ongoing investigation, no recoveries have been made from the stolen funds, and authorities are continuing their efforts to track down the illicit assets.
Chiyangwa, who is currently on remand for other similar cases involving cryptocurrency, was remanded in custody and is expected to return to court for a bail hearing today.
The case has drawn significant attention due to the rising issue of cryptocurrency-related fraud and money laundering in Zimbabwe, with many individuals and businesses facing similar challenges in safeguarding digital assets.
Source - The Herald
