A FORMER senior executive at The Pulse Group has been sentenced to an effective three years in prison for defrauding the company of millions of dollars in a fraudulent vehicle loan scheme.
Tinaapi Nyawo (43), who served as deputy chief executive and group financial director for The Pulse Group, was convicted of fraud and sentenced to five years behind bars, with two years suspended.
He will serve an effective three years in jail.
Harare magistrate Clive Tsikwa presided over the case and magistrate Feresi Chakanyuka delivered the judgment and passed the sentence yesterday.
The court heard that Nyawo, a chartered accountant, exploited his position to orchestrate a fraudulent scheme while managing one of the company’s subsidiaries, Pulse Medical Care.
Prosecutor Tendai Shonhai further proved that, in January 2021, while still serving as managing director, Nyawo secured a personal loan from a local bank, which he used to purchase a Toyota Fortuner.
Nyawo then deceived the group’s finance director, David Dhliwayo, by claiming the vehicle was company-owned and should be added to the firm’s asset register.
As a result, the company assumed responsibility for the vehicle’s maintenance, licensing and insurance costs.
He further demanded reimbursement for loan deductions from his personal bank account, which led to the company transferring RTGS$78 836 127 and US$18 820 into his personal bank account.
Nyawo was dismissed in October 2021 and ordered to return company property in his possession.
However, he refused to surrender the Toyota Fortuner, saying it was his.
An internal investigation revealed that the vehicle was registered in his name, exposing the fraud.
The Pulse Group reported substantial financial losses due to the scam and pressed charges.
