Online Reporter
Prosper Dembedza
Herald Correspondent
HARARE provincial magistrate Mrs Ruth Moyo has granted a Cobra Security Marketing representative who is facing allegations of defrauding a microfinance company US$65 000, US$300 bail.
Lionel Zvarivadza (39) is facing fraud charges.
The court heard that the accused and Trebox Finance company the complainant entered into an agreement where the former would issue loans to Cobra Security (Private) Limited employees and the security company would deduct the loan repayments from employees’ salaries on a monthly basis and remit the deducted amounts to the complainant.
It is alleged that Zvarivadza recruited 35 people whom he promised employment at Cobra Security company and misrepresented to the complainant that they were Cobra Security company employees.
The complainant disbursed the loans after Zvarivadza had signed confirmation letters that the recruited people were employees of Cobra Security company.
The court heard that Zvarivadza was handed over the disbursed loans which he said was capital to revamp Cobra Security company.
The court heard that Zvarivadza would give some token of appreciation between US$30 and US$100 to some while some were just promised employment at Cobra Security company.
Zvarivadza, it is alleged wanted to gain trust from the recruited people by signing letters of acknowledgement of receipt of money and loan takeover agreement and promised to service the loans.
He serviced only a few loans for two months paying US$3 788.50 , upon noticing that the loans were not being serviced made enquiries with Cobra Security company and the recruited people .
On March 18 , 2026 the matter was reported leading to the arrest of the accused person. The value involved is US$65 000 and US$3 788 was recovered.
