Businessman Faces Fraud Charges In US$350k Botched Tobacco Deal
By Judith Nyuke
Businessman Edwin Masimba Moyo (67) was brought before a Harare magistrate on charges of fraud, which arose from an alleged scam that led to a US$350,000 loss for an investor, following a botched tobacco export deal.
Moyo appeared before Harare magistrate Stanford Mambanje. He was granted US$500 and he was advised to stay at the given address until the matter is finalised. The matter was remanded to 8 May.
The complainant in this case Moses Ruwona.
It is the State’s case that on 01 July 2022, Edwin Moyo, representing Nhimbe Fresh Exports (Pvt) Ltd, entered into a Contract Grower Agreement with Northern Tobacco (Pvt) Ltd.
Moyo reportedly offered his property being undivided 17.9% share being share number 7 of a piece of land called Lot 273 Highlands Estate of Welmoed, measuring 9220 square meters valued at USD$ 400 000-00 as surety mortgage bond.
The State alleges that sometime in December 2022, Moyo secured a loan facility with NMB Bank and surety was required for the loan facility to be processed.
It is during this period that Moyo muted an idea of defrauding the complainant and pursuant to his plan, he approached Ruwona whom he knew had cash.
He allegedly misrepresented to Ruwona that he had secured a tender from Northern Tobacco that he could buy raw tobacco for export but he had no funding.
It is further alleged that Moyo also misrepresented that after the payment of USD$ 350 000-00 the product would be ready for export within the coming fourteen days and Ruwona would obtain 10% share profit upon exporting the tobacco.
Acting on the misrepresentation, on 15 December 2022, Ruwona developed interest and transferred USD$17 100-00 into Northern Tobacco Stanbic Bank account which were supplied by Moyo on the pretext that it was payment for tobacco.
On the 04th day of January 2023, Ruwona met Moyo at Stanbic Bank, Borrowdale and the complainant deposited USD$ 332 900-00 into the same Northern Tobacco Stanbic Bank account which Moyo supplied.
After full payment had been made, Ruwona waited for the delivery of the tobacco for exports but nothing materialized.
Ruwona realised that there was no business transaction of that nature and made several efforts to get redress from Moyo in vain prompting him to make a police report.
