Pyramid scheme boss granted $2 000 bail

GROUP chairman for Perfect Shot Investments — a company that was allegedly running a pyramid scheme in Bulawayo — Kelvin Mazhandu, yesterday heaved a sigh of relief after he was granted $2 000 bail Mazhandu had been under prison guard in hospital facing charges of fraud, after he failed to pay clients back.

Richard Muponde
Senior Court Reporter

They had invested their money in his company.

Bulawayo magistrate Sibongile Msipa granted him bail accompanied by stringent conditions. He is expected to appear in court on September 13.

Mazhandu’s bail application was made by his lawyer Simbarashe Chivaura in absentia as he is not feeling well.

He is facing charges of swindling more than 100 clients after the investment scheme collapsed with huge sums of their money.

His company, registered to deal in mining, was last month also fined $2 000 for violating the Banking Registrations Act, after it engaged in money investment business by mobilising funds and accepting deposits from the public without a banking licence.

The company’s managing director Daniel Dukunye (23) was brought to court by the Reserve Bank of Zimbabwe (RBZ), representing the company, after their offices at Suite 703, 7th Floor Pioneer House, Bulawayo, were raided by central bank officials.

The RBZ discovered that the company was mobilising funds and collecting deposits from the public unlawfully.

Dukunye, represented by lawyer Sindiso Mazibisa, pleaded guilty to the charge on behalf of the company when he appeared before Bulawayo magistrate Crispen Mberewere.

The magistrate convicted and fined the firm.

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