News / National
Kuvacash CEO up for US$286,000 theft
12 Nov 2024 at 11:11hrs | Views
James Saruchera, the co-founder of global cash remittance start-up Kuvacash Private Limited, appeared in court on Tuesday, facing charges of defrauding a client of US$286,000 in a failed property transaction.
Saruchera, who was not required to enter a plea, appeared before Harare Magistrate Patricia Kamwanda. The court granted him US$500 bail, and he is jointly charged with his company, Kuvacash, in connection with the alleged theft of trust property.
The complainant, Paidamoyo Kuruneri, alleges that he was defrauded after attempting to purchase a property in Borrowdale, Harare. According to court papers, Kuruneri was initially informed by Kennan Properties that the property was available for sale at US$320,000. However, after negotiating with the seller, the price was reduced to US$286,000.
As per the arrangement, Kennan Properties advised Kuruneri that the property owner preferred the payment to be made offshore and recommended Kuvacash to facilitate the transfer of the funds. Kuruneri subsequently approached Kuvacash, where he was assured that the company could handle the transaction.
According to the court's account, Kennan Properties facilitated the sale agreement, and Kuruneri made the payment of US$286,000 to Kuvacash through the company's account manager, Lauren, who duly received and receipted the amount. Saruchera is alleged to have given instructions to complete the transaction.
However, instead of transferring the funds to the property owner in the United Kingdom, Saruchera is accused of converting the money for his own use. The property owner, upon not receiving the payment, subsequently terminated the sale agreement through Kennan Properties.
When questioned, Saruchera was reportedly unable to account for the US$286,000, leading to his arrest. As of now, the full amount has not been recovered.
Saruchera's case is ongoing, and he will be required to appear in court for further proceedings. The accusations have drawn attention to the responsibilities of financial intermediaries and the potential for misuse of client funds in property transactions.
Saruchera, who was not required to enter a plea, appeared before Harare Magistrate Patricia Kamwanda. The court granted him US$500 bail, and he is jointly charged with his company, Kuvacash, in connection with the alleged theft of trust property.
The complainant, Paidamoyo Kuruneri, alleges that he was defrauded after attempting to purchase a property in Borrowdale, Harare. According to court papers, Kuruneri was initially informed by Kennan Properties that the property was available for sale at US$320,000. However, after negotiating with the seller, the price was reduced to US$286,000.
As per the arrangement, Kennan Properties advised Kuruneri that the property owner preferred the payment to be made offshore and recommended Kuvacash to facilitate the transfer of the funds. Kuruneri subsequently approached Kuvacash, where he was assured that the company could handle the transaction.
However, instead of transferring the funds to the property owner in the United Kingdom, Saruchera is accused of converting the money for his own use. The property owner, upon not receiving the payment, subsequently terminated the sale agreement through Kennan Properties.
When questioned, Saruchera was reportedly unable to account for the US$286,000, leading to his arrest. As of now, the full amount has not been recovered.
Saruchera's case is ongoing, and he will be required to appear in court for further proceedings. The accusations have drawn attention to the responsibilities of financial intermediaries and the potential for misuse of client funds in property transactions.
Source - newzimbabwe
