TWO Chinese nationals appeared at the Harare Magistrates Court yesterday being accused of defrauding a fellow investor of US$420 000.
The accused, Mu Jarui (44), a director and shareholder of Katsu Agro Chemical (Pvt) Ltd and Li Mao (40), a director of Kenova Crop Science (Pvt) Ltd, appeared before Magistrate Marehwanazvo Gofa.
They were granted US$500 bail each.
The court heard that the complainant is Wang Li, also a Chinese national and a director and shareholder of Katsu Agro Chemical.
According to the State’s case, in April 2025, Wang entered into an investment agreement with Mu and Li to purchase shares in Kenova Crop Science, a company specialising in pesticides.
On April 14, 2025, Wang allegedly paid US$420 000 to Li for a 44% stake in the company.
The prosecution stated that Mu contributed US$210 000 for a 22% shareholding, while Li paid US$330 000 for the remaining 34%.
The money was given to Li and the complainant received what she believed was proof of payment.
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However, the State alleges that she never received the shares.
The fraud was uncovered in August 2025 when Li filed an application at the High Court (case number HCH 485/25), demanding money and a car from Wang, claiming the assets belonged to Katsu Agro Chemical.
Upon reviewing the application, Wang discovered a fraudulent document titled Investment Refund Agreement.
The document indicated that her US$420 000 investment had been returned.
The State heard that Wang was never paid back and did not sign a refund agreement.
