Court case exposes US$3 500 loan ‘fee’

A 44-YEAR-OLD man appeared at the Harare Magistrates’ Court yesterday, facing fraud allegations involving US$3 500 and was released on US$100 bail.

Tsikai Gwinyai allegedly misrepresented himself as an agent of Euro Exim Bank and duped a man seeking to secure a loan to import a tractor from China.

The court heard that sometime in July last year, the complainant, Takachengetwa Gambe, intended to secure a loan of about US$1 968 800 from a local financial institution to purchase a tractor.

This story is for NewsDay subscribers.