Zvikomborero Parafini
TWO Chinese nationals have appeared in court for allegedly defrauding their business partner of over US$400 000.
The two Mu Jirui and Li Miao appeared before Harare magistrate Marewanazvo Gofa charged with fraud and forgery.
They were released on US$500 bail each and were ordered to continue residing at their known addresses, to surrender their travel documents and to report once a fortnight at CID Commercial Crimes Division.
The complainant is Wang Li, who is a Chinese national employed as a director and shareholder of Katsu Agro Chemical Private Limited.
The company deals in pesticides. Jirui is also a director and shareholder at the company, while Miao is a director.
The court heard that in April, the three agreed to invest in Miao’s company, Kenova Crop Science Private Limited, which specialises in pesticides and was performing well.
On April 14, Wang Li paid US$420 000 for 44 percent of the company’s shares. Jirui paid US$210 000 for 22 percent of the shares and Miao paid US$330 000 for 34 percent of the shares.
The funds were handed over to Miao and Li received proof of payment. To date, Li has not received her shares.
It’s alleged that in August this year, Miao applied to the High Court under reference number HCH 485/25, demanding money and a car from Li, claiming the items were Katsu Agro Chemical (Pvt) Ltd property.
Upon reviewing the application, Li discovered a fraudulent document labelled “Investment Refund Agreement,” which misrepresented that Miao had refunded the funds.
Additionally, Miao filed a police report against Li under CID VTS DR 16/08/25, attaching a similar document claiming to be signed by Li and Jirui confirming receipt of US$420 000. However, Li never received any money from them.
As a result of the duo’s actions, Li suffered a prejudice of US$420 000 and nothing was recovered.
Rufaro Chonzi appeared for the State.
The post Chinese duo nabbed for US$400k fraud appeared first on herald.
The post Chinese duo nabbed for US$400k fraud appeared first on Zimbabwe Situation.