Search for Fraudster Who Duped Zimbo Diplomat Off $1.3 Million
Zimbabwean authorities have intensified investigations into a decades-old fraud case involving the late Ambassador to Belgium, Hurudza Gift Punungwe, and his wife, Runako Beauty Punungwe, who were defrauded of nearly $1.3 million in an investment scam.
The alleged fraudster, Richard Kaye, a British national, is accused of orchestrating the scam while operating two companies, Thomas Barclay Group (TBG) and Lloyd Morgan Company (LMC), in Belgium and France during the early 2000s.
Zimbabwe’s Ministry of Foreign Affairs and International Trade, the National Prosecuting Authority (NPA), and the Zimbabwe Republic Police (ZRP) have enlisted the help of the International Criminal Police Organisation (Interpol) to track down Kaye, who is believed to be hiding in the United Kingdom.
The scam began in 2000 when Kaye allegedly convinced Ambassador Punungwe to invest $214,233 in LMC, claiming to be a broker.
He reportedly acted in collaboration with five accomplices, identified as Professor David McKay O.B.E, Hendrik Vriesen, Erik Bjertnes Jr, Michiel Eyken-Slyuters, and Penny Willis Jones (also known as Penelope Slan Kaye).
In June 2001, Kaye reportedly assured the ambassador in writing that the investment was secure, even issuing personal guarantees.
However, after the ambassador’s death, Kaye reissued share certificates to Mrs Punungwe in her name, which later turned out to be fake.
Search for Fraudster Who Duped Zimbo Diplomat Off $1.3 Million
By October 28, 2013, the investment was reportedly valued at $739,333.76 and €661,714.07, but attempts by Mrs Punungwe to redeem the funds in 2009 were unsuccessful.
Kaye and his accomplices failed to return the principal investment or interest, prompting Mrs Punungwe to seek legal recourse.
Investigations revealed that Kaye dissolved the companies and began working for YAHPE Limited, allegedly as a director or commodity broker.
He is reported to have residences in England, France, and the United States.
In 2009, Mrs Punungwe reported the matter to the Ministry of Foreign Affairs, the ZRP, and the NPA, which prepared Mutual Legal Assistance (MLA) requests to authorities in the United States, England, and France.
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Preliminary investigations in London uncovered that the share certificates issued by LMC were fraudulent and that Kaye had misrepresented his intentions to Ambassador Punungwe.
Interpol has now been engaged to assist in locating Kaye and his accomplices as Zimbabwe pushes for accountability and recovery of the stolen funds.
