Duo in court for fraudulently using dead man’s property as collateral

TWO men appeared in court accused of defrauding CBZ Bank of US$41 000 through misrepresentation during a loan application where they tendered title deeds of a property belonging to a dead person.
Anoop Ranmanlal Desai who the director of Phenduka Supplies Pvt Ltd and Prosper Moyo, son of the deceased whose title deeds were tendered, appeared in court on Wednesday facing charges of fraud.
The duo denied the allegations and will appear in court on 25 February for the continuation of the trial. The State opened its case by leading two witnesses and paperwork was produced in court as evidence.
Prosecutor, Ms Nomthandazo Mafu, told the court that on 6 July 2016 the duo working with Rahmiben Tharolbual Desai who is on the run, approached CBZ Bank to apply for a loan on behalf of Phenduka Supplies Pvt Ltd.
“The accused persons presented title deeds for a property registered under the late John Nkonyane Moyo as collateral. The accused were given guarantor forms to be signed by John Nkonyane Moyo,” she said.
“They returned the documents to CBZ Bank purportedly signed by John Nkonyane Moyo well knowing that John Nkonyane Moyo was deceased.
“CBZ Bank processed the loan application forms based on the provided documents and the application was approved, and Phenduka Supplies Pvt Ltd was availed a loan of USD$30,000.00 in 2016, which was credited into CBZ Bank account number 026023699010014 belonging to Phenduka Supplies Pvt Ltd,” said Ms Mafu.
The court heard that CBZ Bank went on to register a mortgage bond for US$41 000. After failure to pay the loan by Anoop Desai, the loan was downgraded to recoveries in 2019.
Whilst CBZ was in the process of instituting the property that is when they discovered that the property belonged to a dead person and could not be auctioned.
“Due to the accused person’s actions the bank suffered an actual prejudice of US$30 000 actual loan disbursed plus US$11 000 interest accrued,” the court heard.