Another Suspect In The Dock Over TM $20 Million Fraud

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By Mary Taruvinga

ONE more suspect TM Supermarkets $22 million fraud case on Monday appeared in court answering to fraud charges.

Moses Banda was arrested during the weekend after he handed himself to the police.

He was remanded in custody for bail hearing continuation after the state opposed bail on grounds that releasing him will jeopardise investigations.

Banda is being represented lawyer Lucky Mauwa.

He appeared before Harare magistrate Isheanesu Matova.

Banda’s alleged accomplices Tonderai Chagweda and Tatenda Jombe however secured $50 000 bail each last week following a successful application by their lawyer, Tafadzwa Hungwe.

According to the state, the three accused persons allegedly connived with Ronald Mudzingwa who is still at large.

The court heard the quartet hatched a plan to defraud the complainant and went on to create an email address Raymond matsetswa @Tm/

It is alleged that they purported to be TM supermarket Finance Manager Raymond Matsetswa and Gamuchirai Nyamuzinga, the Chief Finance Officer.

They then allegedly sent an email to Steward Bank with forms which had forged signatures of Matsetswa and Nyamuzinga instructing the bank to process and debit TM supermarkets Steward Bank account to four different transactions amounting to $22 million.

The complainant without noting the difference of the email address authorised and processed the transaction.

The offence came to light on March 3, 2021 when TM supermarkets head office disputed some of the transactions on its account.

According to court papers, preliminary investigations carried out by the complainant revealed that the email used by the accused persons to send the instruction forms was different from the one TM supermarkets finance manager and this promoted the complainant to file a police report leading to the accused’s arrest.