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NewsDay

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D-Day for Geozing boss

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GEOZING Pawn-Broking Company director George Zingani is set to be sentenced today for contravening the Banking Act, as his legal woes continue to mount.

GEOZING Pawn-Broking Company director George Zingani is set to be sentenced today for contravening the Banking Act, as his legal woes continue to mount.

Staff Reporter

Zingani (49) is facing charges of contravening Section 5 (1) of the Banking Act Chapter 24:20 and Section 277 of the Criminal Law (Codification and Reform) Act Chapter 9:23.

The director of the collapsed pyramid scheme appeared before Bulawayo magistrate Crispen Mberewere on Tuesday after more than 100 of his clients reported him to the police leading to his arrest and a subsequent first court appearance last month.

It is reported that the number of complainants has ballooned to 2 000. It is the State case that Zingani operated a pawn-broking business from March last year until March this year.

In a bid to finance his business activities, the court heard, Zingani allegedly started mobilising funds through accepting deposits from the public and promising to pay back at an interest of 30% per month. As a result of the promised lucrative interest rates, a number of people invested in the company.