Twenty — two people who lost US$5 million invested in a Ponzi scheme known as Kuwait Dinair Digital Marketing (KWD) in Harare, have made formal complaints that have now seen one of the owners, Phenias Fungai Kamba in court.
Kamba appeared at the Harare Magistrates Court charged with fraud, money laundering and violating the Banking Act.
He was not asked to plead to the charges when he appeared before Harare magistrate Richard Ramaboa, who remanded him on $10 000 bail to September 9 for routine remand.
Kamba’s co-directors — Mpumelelo Khaya Dube, Sithokozile Ndlovu, Kudakwashe Keith Muchengadare, Takunda Milestone Mapasure and Simba Kudakwashe Omega Kanoyangwa — are now on the police wanted list in connection with the same charges.
Allegations against Kamba are that last month, in alliance with his co-accused, he formed a company called Kuwait Dinair Digital Marketing and started taking deposits from people at his premises in Borrowdale, Harare, even though he had no licence.
On July 13, they allegedly opened another branch in Belvedere where they were also taking deposits from scores of people.
The court heard that on August 3, the Reserve Bank of Zimbabwe received information to the effect that Kamba and his colleagues were accepting deposits from the public, even though they were not licensed.
Kamba was arrested and his workmates disappeared.
Mr Sebastian Mutizirwa prosecuted.