Company director duped US$20 000 in dubious investment scheme

A DIRECTOR in a local company, Terraworld Investments (Pvt) Ltd, was allegedly duped of US$20,000 in a dubious investment scheme, a Harare court heard over the weekend.

The court heard that the suspects — George Masvipe and Pascal Magama — approached Terence Mwahowa, the co-director of Terraworld Investments, with an investment opportunity.

The duo allegedly misrepresented to him that there was an investment opportunity with a company called Needflow Capital (Pvt) Ltd.

Masvipe indicated that Mahwowa would get US$3 million in three months after investing just US$20,000.

Masvipe said the investment was for a Standby Letter of Credit (SBLC), which is an international payment guarantee issued by banks.

He said Needflow Capital (Pvt) Ltd needed US$20,000 as set-up fees to trade its SBLC on the international market.

Masvipe said the company would get US$26 million and Terraworld would be given US$3 million. Masvipe allegedly then introduced Magama as the one who was going to process his investment.

Mahwowa was deceived into believing that it was a viable business opportunity and he invested US$20,000.

Magama signed a Deed of Agreement acknowledging receipt of the money.

Mahwowa failed to get any money in return and upon realising that he had been duped, he filed a police report.

Nothing was recovered.

The Herald