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failed to pay back his loans, has been slapped with an effective three-year jail term.
Zvipire Kakora (45) was convicted of two counts of contravening the Money Lending and Rates of Interest Act and two counts of fraud by magistrate Mr Archie Wochiunga.
Kakora was also ordered to surrender the title deeds he collected from the complainants on or before August 31 this year.
He was also ordered to pay US$200 fine.
Kakora would give people loans on the agreement the borrowers would pay back with 50 percent interest per month.
He would demand collateral in the form of cars and laptops. The State led by Mr Desire Mupudzi said between June 10 and October 24 last year, Sarah Chipunga (44), Jane Anderson (44) and Tendai Makanjera went to Kakora looking for loans.
Kakora had advertised his company in the newspapers. It is alleged Chipunga borrowed US$700 and was made to surrender title deeds for her stand, Number 16891, Damofalls in Ruwa which is worth US$11 000.
Kakora made Chipunga sign an affidavit confirming an agreement of sale of her stand.
Anderson borrowed US$1 000 and gave collateral in the form of title deeds of her Chitungwiza stand, which is valued at US$7 000.
Using the same modus operandi, Kakora demanded a car valued at US$2 000 as collateral from Makanjera who had borrowed US$400.
The trio, the State says, was ordered to sign agreements of sale after being told it was only for security reasons.
Chipunga only managed to pay back US$280 and Makanjera paid back US$600 while Anderson did not repay. For failing to pay back, the three were all served with eviction letters by Kakora.
They made a police report and Kakora only managed to return Makanjera’s car.
Online Reporter