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Kuvacash Co-founder in Failed Property Deal

Instead of transferring payments to a seller as agreed, Saruchera allegedly diverted the funds to his personal use.

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Kuvacash Co-founder in Failed Property Deal

Co-founder of cash remittance start-up Kuvacash Private Limited, James Saruchera, was recently arrested for defrauding a client of US$286,000 in a failed property deal.

James Saruchera was brought before the Harare Magistrate’s Court yesterday.

He was not required to plead to the charge when he appeared before Magistrate Patricia Kamwanda, who granted him bail set at US$500.

Saruchera is facing charges alongside his company, Kuvacash, for the theft of trust property.

The complainant, Paidamoyo Kuruneri, entered into an agreement to purchase a property located in Borrowdale, Harare.

The sequence of events leading to the alleged fraud began when Kuruneri received information from Kennan Properties that the property was available for sale at US$320,000. After negotiating for a reduction, the price was lowered to US$286,000.

Kuvacash Co-founder in Failed Property Deal

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Kennan Properties informed Kuruneri that the property seller preferred to receive the payment overseas and recommended Kuvacash as the licensed facilitator for the international transfer.

Acting on this advice, Kuruneri approached Kuvacash to handle the payment to the seller, who was located in the United Kingdom.

A sale agreement for the property was then arranged, and Kuruneri transferred the US$286,000 to Kuvacash.

Court documents indicate that this transaction was carried out under the direct instructions of Saruchera.

However, instead of transferring the payment to the seller as agreed, Saruchera allegedly diverted the funds for his personal use.

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The seller of the property terminated the contract after Saruchera failed to process the payment.

Subsequently, Kuruneri was unable to get any answers from Saruchera regarding the missing money, leading to the businessman’s arrest.

Bryan

Person for people. Reader of writings. Writer of readings.

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