Pyramid scheme bosses Bevern Dzinoenda and Ambrose Chikukwa are wanted by the police in connection with contravening the Banking Act after allegedly operating their money laundering business in Harare and Kwekwe.
Dzinoenda and Chikukwa ran a company called Bevern Capital (Pvt) Limited in Harare and Kwekwe, where they were taking deposits of various amounts from people for a return within a week, which was said to be in violation of the Banking Act.
Their partner, Richard Boutros Samunda, has since been arrested and appeared at the Harare magistrates court charged with violating the Banking Act, with a prejudice to the State of US$2 million.
Samunda is expected back in court today for his bail ruling after the State led by Mr Sebastian Mutizirwa opposed granting of his bail, saying he was a flight risk.
Mr Mutizirwa told the court that Samunda was likely to interfere with investigations, which he said were still at an early stage.
In his bail application, Samunda told the court that he was only a security person at Bevern Capital and had nothing to do with his employers’ day-to-day running of the business.
He told the court that he was not a flight risk since he owned the place where he resides in Belvedere.
Circumstances leading to Samunda’s arrest were that sometime in 2018, acting in connivance with Dzinoenda and Chikukwa, he formed Bevern Capital for purposes of accepting deposits from people and invest the money into an unknown enterprise.
The trio, through their company,
would return the money to the depositors after six weeks with a 50 percent interest.
On August 14 this year, the Reserve Bank, which is the sole regulator of banking institutions’ activities, received information to the effect that Bevern Capital was taking deposits from people.
Investigations by the RBZ revealed that the trio, through their company, were not registered either under the Banking Act or the Micro-Finance Act.
Mr Mutizirwa said on the same date, police raided Bevern Capital’s offices in Milton Park, Harare, and found the premises closed.
The police were said to have noted that Samunda had dismissed nearly 200 people from the place after been informed that police were looking for him.