Story by Parvel Makona
A 39-year-old Harare man has appeared before the Harare Magistrates’ Court facing fraud charges involving approximately US$65 000 in a case linked to a suspected loan scheme targeting a local microfinance institution.
Lionel Zvarivaedza was brought before the court on Friday, accused of defrauding Trebox Finance (Private) Limited by allegedly misrepresenting his identity and orchestrating a fraudulent loan arrangement.
It is the State’s case that Zvarivaedza misrepresented himself to Trebox Finance as a marketing representative for Cobra Security (Private) Limited.
The court heard that he recruited 35 individuals from the streets, promising them employment with the security company. He then allegedly presented them to the lender as bona fide employees, making them appear eligible for loans.
It is alleged that Zvarivaedza subsequently accessed loans on behalf of the individuals.
The scheme came to light after he failed to service the loans.
Zvarivaedza was remanded in custody and is expected to return to court on March 23.
