Story by Parvel Makona
A 51-year-old Harare man, Alvin Muparutsa, appeared before the Harare Magistrates’ Court this Wednesday facing charges of defrauding Empower Bank of US$160 000.
Court papers indicate that Muparutsa allegedly misrepresented facts to obtain the loan, claiming the funds would support his maize milling operations. He reportedly offered a Hino Ranger truck and a milling machine as collateral, which were later found to be registered under Classic Superfoods Private Limited, a company separate from the accused.
The bank maintains that Muparutsa’s failure to service the loan resulted in a financial loss of US$160 000.
During the court appearance, Muparutsa was granted US$1 000 bail and is expected to return to court on April 14.
