Man swindles business partner of US$60 000

Raymond Chibanda allegedly swindled Premier Bank executive director Mr Yona Saidi Banda of the money, which had been loaned to him by another bank.
Chibanda appeared before Harare magistrate Mrs Sandra Mupindu who remanded him out of custody on his own recognisance to today for trial.
Mr Moffat Makuvatsine alleges that sometime in September 2009, Chibanda hatched a plan to defraud Mr Banda by using him to secure funding for his business.
In pursuit of his plan, it is alleged, Chibanda approached Mr Banda with the knowledge that he had obtained a US$25 000 loan from Interfin Bank after surrendering deeds of his residential property valued at US$250 000.
Chibanda, says Mr Makuvatsine, misrepresented to Mr Banda that if he provided funds for the establishment of a butchery at his rented premises they would become equal partners in the business.
The prosecutor alleges that Chibanda showed Mr Banda the premises along Robert Mugabe Road, Harare and he became interested.
As a result of the misrepresentation Mr Banda used the loan to pay rental arrears of US$10 400 and renovated the shop.
He also purchased butchery equipment and obtained a further US$35 000 which he used to complete the butchery project.
In March 2010 the butchery began to operate as Luna Meat Centre with Mr Banda being the finance director and Chibanda operations director.
Upon realising that the business was flourishing Chibanda reneged from the joint venture.
He allegedly collected all the daily takings and converted them to his own use rendering servicing of the loan acquired by Mr Banda impossible.
Chibanda, it is alleged, told the complainant that he had taken over the business and that the partnership was terminated before firing the butchery manager who had been engaged by Mr Banda.
The complainant allegedly tried to talk to Chibanda but he became evasive.
Mr Banda made a report that led to Chibanda’s arrest.