Harare businessman James Saruchera, CEO and co-founder of the global cash remittance start-up Kuvacash Private Limited, appeared before Harare magistrate Patricia Kamwanda on Tuesday facing charges of theft of trust property.
He is accused of defrauding a client of US$286 000 in a failed property transaction. Saruchera, who was granted US$500 bail, was not required to plead. His company, Kuvacash, is also named as an accused party in the case.
The alleged victim, Paidamoyo Kuruneri, learned of a property for sale in Borrowdale, Harare, listed by Kennan Properties for US$320,000. After successful negotiations, the sale price was reduced to US$286,000. Kennan Properties informed Kuruneri that the property owner required the funds to be transferred offshore and recommended Kuvacash, citing their licensing to facilitate such transactions.
Court documents detail how Kuruneri subsequently engaged Kuvacash to transfer the purchase money to the property owner in the United Kingdom. Kennan Properties facilitated the agreement of sale between Kuruneri and the owner. Kuruneri then paid the full amount of US$286,000 to Kuvacash via a company account, with the transaction processed by Lauren, a Kuvacash relationship manager, under the instructions of Saruchera himself.
However, instead of forwarding the money to the property owner as instructed, Saruchera allegedly misappropriated the funds for his own use. This breach of trust resulted in the property owner terminating the sales contract through Kennan Properties after Saruchera failed to fulfil his obligation to transfer the funds.
Following an investigation into the missing funds, Saruchera was unable to account for the US$286,000, leading to his arrest. Nothing was recovered.
The matter has been adjourned, and further court appearances are expected as the legal proceedings unfold
