Businessman Defrauded of US$350,000 in Tobacco Export Scam
Edwin Masimba Moyo, the managing director of NHIMBE Fresh Fruits, has been formally charged with fraud after allegedly swindling businessman Moses Ruwona out of an astonishing US$350,000. The charge stems from Moyo’s deceitful representation of a non-existent tobacco export deal, marking a significant financial blow to Mr. Ruwona, the managing director of Tambwari Logistics (Pvt) Ltd.
The case, which unfolded in the Harare magistrate’s court under the gavel of Mr. Stanford Mambanje, centers on Moyo’s elaborate scheme to offset a looming debt with Northern Tobacco (Pvt) Ltd through underhanded means. By falsely claiming to have secured a lucrative tender to purchase tobacco for export, Moyo aimed to use the funds from Mr. Ruwona to clear his debt and free up his property for further financial maneuvering with NMB Bank.
This fraudulent act not only highlights a grave abuse of trust and professional conduct but also underscores the perilous financial loss incurred by Mr. Ruwona. The businessman was led to believe in a profitable venture, only to find his substantial investment evaporate into thin air, with no tobacco in sight and no export profits to claim.
Details provided by prosecutor Mr. Lancelot Mutsokoti reveal that Moyo’s deceit was well-calculated, involving the misuse of a contract grower agreement with Northern Tobacco Ltd. and the leveraging of property valued at US$400,000 as surety for another loan. The false promise of a 10 percent profit share upon export further baited the trap for Mr. Ruwona, who proceeded to transfer US$332,900 in full payment, eagerly awaiting a shipment that would never come.
As the case progresses to its next court date on May 8, the business community is left to reckon with the chilling reminder of the vulnerabilities inherent in financial transactions and the devastating impact of fraudulent schemes on unsuspecting investors. The loss of US$350,000 serves not only as a personal financial disaster for Mr. Ruwona but also as a stark warning to others in the volatile world of business dealings.