CONTROVERSIAL South African based businessman Frank Buyanga has been dragged in a US$500 000 fraud case.
The complainant is Monoliser Investments (Pvt) Ltd, represented by Chamunorwa Matsika.
State prosecutor Lancelot Mutsokoti alleged that sometime in June 2009, Matsika, a co-director of Monoliser Investments (Pvt) Ltd took a US$30 000 loan from Buyanga, a Director of Hamilton Property Ltd.
An agreement of sale for properties Lot 1 and Lot 2 of Mvagazi in Hurungwe worth over US$500 000 was offered as collateral.
Sometime in November 2009, Matsika made efforts to pay back the debt but discovered that Buyanga’s office had been closed.
It is alleged that Matsika came across an article in one of the daily newspapers that Buyanga was on the run for having defrauded about 42 people.
Matsika approached the Deeds office to check the status of his property and he discovered that it had been changed in favour of Hamilton Property Limited.
Matsika initiated civil proceedings against Hamilton Property Limited.
However, in 2023 Matsika was served with summons for eviction, leading him to report the case to the Zimbabwe Anti-Corruption Commission.
Investigations established Buyanga connived with his accomplices to initiate the process for a Capital Gains Tax Certificate (CGT) in favour of Hamilton Property Holdings Ltd.
The court heard that the certificate was to be used as supporting documents necessary for the registration of a deed of transfer.
It is alleged his accomplices approached the deeds office wherein they connived with Absolom Magwere a Principal Examiner, into registering a deed of transfer for the property without the Capital Gains Tax Certificate.
The misrepresentation led to the complainant suffering a prejudice of US$ 500 0000 as value of the property lost.
