Director nabbed for US$7.5K fraud

By Peter Chivhima

A director with a local steel firm has appeared in court on allegations of fraud involving US$7 500.

The court head that sometime in August 2020, the complainant Mabasa Farawo engaged Terrence Madiro for a business partnership of buying maize meal, packaging and reselling.

The court head that terms of the partnership were that Farawo would inject US$7 500 as initial capital which after two weeks of operation would be returned and profits shared between the two.

It is alleged that while outside of the country, Farawo sent money to Madiro through a money transfer agent, but there was no feedback for three months.

The court also heard that when the complainant returned to the country, he demanded reimbursement and nothing materialised until he reported the matter to the police.