HARARE – Terence Mwahowa, a director at Terraworld Investments (Pvt) Ltd, was allegedly defrauded of US$20,000 in a dubious investment scheme that promised a massive US$3 million return.
According to The Herald, George Masvipe and Pascal Magama are accused of approaching Mwahowa, a co-director of Terraworld Investments, and presenting an investment with Needflow Capital (Pvt) Ltd.
They reportedly misrepresented the nature of this opportunity.
Masvipe allegedly promised Mwahowa a return of US$3 million within three months for an initial investment of just US$20,000.
The investment, he claimed, was for a Standby Letter of Credit (SBLC), described as an international bank-issued payment guarantee.
Masvipe stated that Needflow Capital (Pvt) Ltd required the US$20,000 as “set-up fees” to trade its SBLC on the global market. He further suggested that the company would earn US$26 million, with Terraworld receiving US$3 million of that sum.
Masvipe then reportedly introduced Magama as the individual who would facilitate Mwahowa’s investment.
Believing the venture to be legitimate, Mwahowa invested the US$20,000. Magama reportedly signed a Deed of Agreement, acknowledging receipt of the funds.
When Mwahowa never received any returns, he realised he’d been scammed and reported the incident to the police. No funds have been recovered.
How is he even Director of a Company believing such?