Unlicensed loan shark in the dock

failed to pay back his money, recently appeared in court charged with three counts of fraud.

Zvipire Kakora (45) is also facing three counts of contravening the Money Lending and Rates of Interest Act.
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.

Kakora, who is appearing before a Harare magistrate Mr Archie Wochiunga, will be back in court on July 18 for the defence case.
The State led by Mr Desire Chidanire closed its case after calling four witnesses who testified how Kakora was defrauding the unsuspecting people.
He is currently on bail.

Mr Chidanire alleged that between June 10 and October 24 last year, Sarah Chipunga (44), Jane Anderson (44) and Tendai Makanjera went to Kakora’s workplace 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, the State says, made Chipunga sign an affidavit confirming an agreement of sale of her stand.

Anderson borrowed US$1 000 and collateral in the form of title deeds of her Chitungwiza stand, which is valued at US$7 000 were demanded.
Using the same modus operandi, Kakora demanded a car valued at US$2 000 as collateral from Makanjera who had borrowed US$400, it is alleged.
The trio, the State says, was ordered to sign agreements of sale after being told it was only for security reasons.

It is the State’s case that Chipunga only managed to pay back US$280 and Makanjera paid back US$600 while Anderson failed to pay back. 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.