The bank rejected Chatunga loan application in 2016

Harare houses which First Lady Grace Mugabe is accused of invading over a botched US$1,35 million diamond ring deal are actually owned by BancABC who might be taking a low profile in fear of reprisal attacks from the controversial First Lady, it has been revealed.

This development comes as it emerged this week that Grace misstated facts and did not say the truth when she claimed that Interpol was assisting in the extradition of Ahmed from Belgium to Zimbabwe to face prosecution over the diamond ring dispute.

Ahmed’s lawyers say Grace is in contempt of court by allegedly ignoring an order compelling her and her son Russell Goreraza to surrender the four properties they are accused of invading in December last year.

The properties which Grace is said to have invaded, were in fact attached by BancABC, which won a civil matter against Ahmed in an unrelated dispute involving a US$10 million loan which was advanced to the businessman in a botched diamond sale deal.

Court documents reveal that the seized properties in question were subject of a court dispute between Ahmed and BancABC, of which the latter obtained a writ of execution and was the rightful owner.

According to the court papers, sometime in April 2014, BancABC successfully obtained an order against Jamal and nine other defendants which order allowed the bank to retain the properties with a view to recovering US$4 634 547,72.

The court order obtained by BancABC expressly mentions one of the properties as number 18 Cambridge Road, Avondale, Harare, while other properties are identified by their title deeds and measurements.

Although the bank obtained the court orders against Ahmed and being the rightful owner of the properties, the financial institution has remained mum on the matter, possibly for fear of reprisals as the property saga is now being controlled by Grace.

The bank famously refused to give Grace’s son, Bellermine Chatunga a loan of US$300000 in 2016.