A Harare businessman has appeared in court facing fraud charges after allegedly misleading a local financial institution, Empower Bank, into releasing a US$160,000 loan.
Alvin Nyaradzai Mparutsa appeared before regional magistrate Jessie Kufa at the Harare Magistrates’ Court on Wednesday. He was granted bail of US$1,000 and is expected back in court on April 14.
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The complainant in the matter is Empower Bank, represented by its recoveries officer, Itai Mutayi.
According to court papers, the allegations stem from a loan application made in May 2024 by Super C Group, which was represented by Mparutsa. The company sought a US$160,000 facility meant to support maize milling operations at 176 Erith Road in Willowvale, Harare.
On May 31, 2024, Super C Group entered into a formal written agreement with the bank and Mparutsa signed an acknowledgement of debt.
Before the money was released, the bank required the company to pledge assets as security for the loan. The state alleges in court papers:
“The accused misrepresented to Empower Bank that Super C Group had pledged as collateral a Hino Ranger registration number ADR 1832, a Volvo FL6 registration number ABL 0018 and a milling plant serial number SYS Rof R70007.”
Prosecutors say the bank approved and disbursed the US$160,000 after relying on that representation.
The alleged fraud surfaced after Super C Group failed to service the loan, prompting the bank to attempt to attach the pledged property.
Investigations allegedly revealed that the vehicles and milling equipment were not owned by Super C Group but were registered under another company, Classic Superfoods (Pvt) Ltd. The state said:
“As a result of the misrepresentation the complainant suffered a prejudice of US$160,000 and nothing was recovered.”
As part of his bail conditions, Mparutsa was ordered to deposit US$100, surrender his passport, reside at his given address, report to CID every Friday and not interfere with State witnesses.
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