Online Reporter
Prosper Dembedza
Online Correspondent
A COBRA Security (Private) Limited’s Marketing representative, who is facing allegations of defrauding a microfinance company of US$65 000, has been remanded in custody by Harare provincial magistrate Mrs Ruth Moyo pending his bail ruling.
Lionel Zvarivadza (39) was advised to return to court on March 25 for the ruling.
The court heard that under the agreement between the accused and Trebox Finance Company, the complainant would extend loans to employees of Cobra Security (Private) Limited.
It is alleged that Cobra Security (Private) Limited would deduct the loan repayments from employees’ salaries each month and remit the deducted amounts to the complainant.
It is alleged that Zvarivadza recruited 35 people whom he promised employment at Cobra Security company. He then 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.
The court heard that Zvarivadza received the disbursed loans, which he said were capital to revamp Cobra Security.
The court further heard that Zvarivadza gave tokens of appreciation between US$30 and US$100 to some of the people he had “recruited”, while others were just promised employment at Cobra Security.
Zvarivadza , it is alleged, wanted to gain trust from the recruited people by signing letters of acknowledgement of receipt of money and loan takeover agreements 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 the microfinance company enquired from the Cobra Security company and the recruited people.
On March 18, 2026, the matter was reported to the police, leading to the arrest of the accused person.
The value involved is US$65 000 and only US$3 788 was recovered.
