By Judith Nyuke
A director at Terraworld Investments (Pvt) Ltd was allegedly duped of US$20,000 in a dubious investment scheme after two men convinced him he would receive US$3,000,000, a Harare court has heard.
George Masvipe, 47, Pascal Magama, 59, appeared at the Harare Magistrate’s Court charged with fraud.
Complainant in this matter is Terraworld Investments Private Limited being represented by Terence Mwahowa.
It is the State’s case that sometime in March 2023, Masvipe and Magama acting in connivance hatched a plan to defraud Mwahowa.
Pursuant to their plan, Masvipe reportedly approached Mwahowa, and misrepresented to him that there was an investment opportunity with a company called Needflow Capital Private Limited.
Masvipe indicated that Mahowa would get US$3 000 000.00 in three months after investing just US$20 000.00.
Masvipe further stated that the investment was for Standby Letter of Credit (SBLC) which is an international payment guarantee issued by banks.
He reportedly stated that Needflow Capital Private Limited required US$20 000.00 as setup fees to trade its SBLC on International market.
Masvipe further explained that after trading the company would reportedly get US$26 000 000.00 and Mwahowa would be given US$3 000 000.00.
It is further alleged that Masvipe then introduced Magama to Mwahowa as the one who was going to process his investment.
Mwahowa was reportedly deceived into believing that it was a viable business opportunity and he invested US$20 000.00. Magama reportedly signed a Deed of Agreement acknowledging receipt of the money.
It is the State’s case that despite investing his money with the two accused persons, Mwahowa failed to get any money in return.
The accused persons continuously gave empty promises, Mwahowa realized that he was duped and filed a police report.
Total value prejudiced is US$20 000-00 and nothing was recovered.
