Prominent farmer-businessman in $350K fraud storm

Edwin Moyo
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PROMINENT businessman, Edwin Moyo, appeared in court yesterday accused of a US$350 000 fraud.

Moyo, the Nhimbe Fresh Exports managing director, is being accused of misrepresentation to a partner who sank US$350 000 into a botched business deal.

The court heard that on July 1, 2022, Moyo, representing Nhimbe Fresh Exports, entered into a Contract Grower Agreement with Northern Tobacco (Pvt) Ltd.

He offered his property, a piece of land called Lot 273 Highlands Estate of Welmoed, measuring 9220 square metres, valued at US$400 000 as surety mortgage bond.

It is alleged that in December 2022, Moyo then secured a loan facility with NMB Bank, and surety was required for the loan facility to be processed.

Moyo then approached businessman Moses Ruwona and allegedly misrepresented to him that he had secured a tender from Northern Tobacco, to buy raw tobacco for export, but he did not have the funding.

He claimed that, after the payment of US$350 000, the product would be ready for export, within the next few 14 days, and Ruwona would obtain a ten percent share profit from the deal.

Acting on the misrepresentation, Ruwona transferred US$17 000 into Northern Tobacco Stanbic Bank account, which was supplied by Moyo, on the pretext that it was payment for tobacco.

On January 4 last year, Ruwona met Moyo at Stanbic Bank Borrowdale.

Ruwona deposited US$332 900 into the same business account.

After full payment has been made, Ruwona waited for the delivery of the tobacco for export but nothing was delivered.

He later realised that there was no business transaction of that nature.

After his efforts to recover the money were fruitless, Ruwona filed a police report.

Investigations revealed that the money Ruwona paid to the Nothern Tobacco business account was to set off Moyo’s debt in order to redeem his property for the loan he intended to get from NMB.

Moyo was released on US$500 bail and will return to court on May 8.

Lancelot Mutsokoti appeared for the State.

Source: H-Metro