Tendai James Saruchera, CEO of Kuva Cash Private Limited, is facing legal proceedings for allegedly defrauding a client, Paidamoyo Kuruneri, of $286,000 in a real estate transaction that did not go as planned.
According to court documents, Kuruneri initially negotiated to purchase a property in Borrowdale, Harare, listed at $320,000, and managed to agree on a reduced price of $286,000. Kuruneri believed she was acquiring the property through Kennan Properties, a local real estate firm.
The transaction reportedly took a turn when Kennan Properties informed Kuruneri that the property seller required payment to be made offshore. Kennan then recommended that Kuruneri use Kuva Cash to facilitate the international transfer.
Following this advice, Kuruneri paid $286,000 to Kuva Cash, anticipating the funds would be forwarded to the property owner. However, according to the prosecution led by Mr. Rufaro Chonzi, Kuva Cash allegedly withheld the funds instead of transferring them as expected.
After the property owner failed to receive the payment, they canceled the sale through Kennan Properties. When Kuruneri approached Kuva Cash for a refund, the company reportedly could not provide an explanation for the missing funds, prompting legal action.
Saruchera, accused of mishandling funds held in trust, was subsequently charged with theft of trust property. He recently appeared before Harare Magistrate Ms. Patricia Kamwanda, where he was granted bail set at $500. Saruchera is expected to return to court on December 16 as the investigation continues.
The financial loss remains at $286,000, with no recovery reported to date.