Tinashe Madzima appeared in court on Tuesday facing fraud
charges. He was released him on US$300 bail. According to the prosecutor, Mr
Rufaro Chonzi, Madzima approached his employer, Livetouch Investments Private
Limited, with a proposal to provide loans to workers through microfinance
companies.
The Herald reports that while the company agreed to the
idea, Madzima allegedly went rogue and created eight ghost workers to defraud
Probfix Financial Services.
Madzima also went to Mountfin Finance and Ergoflex Finance,
microfinance companies and successfully applied for loans for the eight ghost
workers using the same documents.
On July 9, the court also heard that Madzima allegedly
drafted a fake board resolution and memorandum of understanding documents,
copying signatures from the company’s board chairperson Feng Wang and chief
executive Dongning Wang without their knowledge.
He also created a fake date stamp to authenticate the
documents.
Madzima successfully applied for loans for the 18
legitimate workers of the company and pocketed the money.
The scam was uncovered on October 11 when microfinance
companies contacted Livetouch Investments about loan repayments for the ghost
workers.
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