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Kuvacash CEO James Saruchera is facing serious allegations of theft, accused of defrauding a client of $286,000 in a botched property deal.
Saruchera, who co-founded the global cash remittance startup, appeared in court on Tuesday and was granted $500 bail by Harare magistrate Patricia Kamwanda.
According to court papers, the complainant, Paidamoyo Kuruneri, had negotiated to buy a property in Borrowdale, Harare, for $286,000, down from the original price of $320,000. Kennan Properties, the seller, informed Kuruneri that the property owner wanted the payment transferred offshore, recommending Kuvacash to facilitate the transaction .
However, instead of transferring the funds to the property owner, Saruchera allegedly converted the money for his own use. The property owner subsequently terminated the contract, and Saruchera was unable to account for the missing funds, leading to his arrest .
This case highlights the importance of transparency and accountability in business transactions.
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