Loan shark swindled

One of the suspects, Tinago Rwasarira (36), has appeared in court charged with fraud involving US$42 100 while his accomplice, Taurai Vasco is still at large.
The pair, who wanted US$37 000 loan, misrepresented to Sparkles Services Pvt Ltd that they owned a truck and trailer which they used as collateral yet in actual fact it belonged to a company in Beitbridge.

Rwasarira was not asked to plead to the charge when he appeared before Harare magistrate Ms Anita Tshuma who remanded him to July 24 on US$500 bail.
As part of his bail conditions Rwasarira was ordered to surrender his passport and to report twice a week to the police. Prosecutor Mr David Magwegwe alleges that on

May 6 this year, Rwasarira and Vasco went to Sparkles Services to secure a loan.
The company requested for surety in the form of a valuable asset that was three times the value of the loan.

Vasco allegedly told the company that he had a UD95 truck with a trailer all with South African registration plates and offered to surrender it as collateral.
It is alleged Vasco misrepresented that he had bought the vehicle at an auction in Beitbridge using a Big Five Cash and Carry card and was in the process of registering it.