Controversial businessman, Alvin Nyaradzai Mparutsa, appeared before Harare regional magistrate Jessie Kufa on Wednesday facing charges of duping Empower Bank of US$160,000.
Mparutsa was released on US$1,000 bail.
Empower Bank is being represented in court by its Recoveries Officer,
Itai Mutayi.
Allegations are that in May 2024, Super C Group, represented by Mparutsa, applied for a loan facility of US$160,000.
It was intended for working capital to support maize milling operations at number 176 Erith Road, Willowvale, Harare.
On May 31 2024, the company entered into a formal written agreement with Empower Bank for the loan facility.
On the same date, he signed an acknowledgement of debt.
Prior to the disbursement of the loan, Super C Group was required to provide assets as collateral.
Mparutsa allegedly then misrepresented to the bank that they provided a Hino Ranger, registration number ADR 1832, a Volvo FL6, registration number ABL 0018, and a milling plant, serial number SYS Rof R70007.
These properties are registered under its subsidiary company called Classic Superfoods (Pvt) Ltd. As a result of the misrepresentation, the loan application was approved and the Bank transferred US$160,000 as per Mparutsa’s instructions.
The offence was discovered when Super C Group failed to service the loan and the bank made efforts to have the property, which was supplied as collateral, attached.
The properties, which Mparutsa surrendered as collateral, were registered in the name of Classic Superfoods (Pvt) Ltd and not Super-C Group Limited.
As a result of the misrepresentation the Bank suffered a prejudice of US$160,000 and nothing was recovered.
Mparutsa was ordered to deposit US$ 100, surrender his passport, reside at the given address, not to interfere with state witnesses and to report to CID once a week every Friday.
He is expected back in court on April 14, 2025.
