A Pakistan national allegedly swindled his father-in-law of $198 000 after he had been added as a signatory to his company, Zimbabwe Moulders Pvt Ltd, a steel manufacturing company he jointly owns with three others.
The father-in-law, Iqbal Muhammad who is based in Pakistan, agreed with his co-directors who are locally-based to incorporate Irfan Muhammad (44) into the company as a signatory to its Stanbic bank account.
According to the arrangement, Irfan was representing Iqbal since he does not stay in the country, the court heard.
Irfan (44) who owns Bozlam Investments Pvt Ltd yesterday appeared in court before Mr Elijah Makomo facing theft of trust property charges.
He was released on $1 000 bail coupled with some stringent conditions among them surrendering his passport.
He is being represented by Mr Patrick Nyeperayi of Costa Madzonga Legal Practitioners. According to the State papers, Zimbabwe Moulders Pvt Ltd has three shareholders who are the directors namely Iqbal, Shahid Mahmood and Abdul Rashid Mahamed who are locally based.
The company arrangement was that any one of the signatories can sign to withdraw money. The prosecutor Mr Tapiwa Kasema alleged that on March 12 2012, the company directors added Muhammad as a signatory to its Stanbic bank account as a representative of his father-in-law Iqbal.
During the period between April and October 2012, the company exported about 2 250 tonnes of steel to Pakistan worth over $1 200 000.The company first received payment of $484 558-50 which was deposited into their account.
On August 15, they received the balance of $199 949-50 through a transfer into their Stanbic bank account, the court heard.
On the following day, Irfan withdrew $198 000 from the bank without the knowledge of the directors and converted it to his personal use, the State alleged.
On December 2013, Mahmood requested for a statement from the bank and discovered that a withdrawal of $198 000 was made.
Investigations pointed to Irfan as the culprit, leading to his arrest but nothing was recovered, the court heard.
Source: The Herald
According to the arrangement, Irfan was representing Iqbal since he does not stay in the country, the court heard.
Irfan (44) who owns Bozlam Investments Pvt Ltd yesterday appeared in court before Mr Elijah Makomo facing theft of trust property charges.
He was released on $1 000 bail coupled with some stringent conditions among them surrendering his passport.
He is being represented by Mr Patrick Nyeperayi of Costa Madzonga Legal Practitioners. According to the State papers, Zimbabwe Moulders Pvt Ltd has three shareholders who are the directors namely Iqbal, Shahid Mahmood and Abdul Rashid Mahamed who are locally based.
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| Pakistan Man Leaves Father-In-Law $200,000 Poorer... |
During the period between April and October 2012, the company exported about 2 250 tonnes of steel to Pakistan worth over $1 200 000.The company first received payment of $484 558-50 which was deposited into their account.
On August 15, they received the balance of $199 949-50 through a transfer into their Stanbic bank account, the court heard.
On the following day, Irfan withdrew $198 000 from the bank without the knowledge of the directors and converted it to his personal use, the State alleged.
On December 2013, Mahmood requested for a statement from the bank and discovered that a withdrawal of $198 000 was made.
Investigations pointed to Irfan as the culprit, leading to his arrest but nothing was recovered, the court heard.
Source: The Herald
