#MondayBlues: Econet Boss Fraud Trial Starts


The trial of an Econet boss and his wife who are being accused of allegedly duping an unsuspecting land seeker of $500 000 kicked off last Friday.

Derick Zhanje and wife Faith appeared before Harare magistrate Bianca Makwande and they have also been implicated in a second scam involving $180 000.

They both pleaded not guilty to the charge and will be back in court on May 23. The two are out on US$500 bail.

The first and second complainants Sivern Family Trust and Nelia Chirombe are both being represented by Tendekai Hove of Hove Legal Practice.

In their defence, the couple stated that the complainant in count one and two have bought the first stand before a mortgage bond was registered against the property, she was advised of the register a bond and the communications were made verbally. The accused created seven subdivisions from two separate properties hence prompting the need to consolidate the two before individual titles and the process is being done but unfortunately its taking long.

However, all the clients’ will get titles once the processes are complete including the third complainant who bought the stand knowing it had a bond registered.

In their defense they also said failure to pay off the loan does not necessarily mean properties will be sold and the accused are engaged with banks to save complainants.

It was also said in their defense the accused people are professionals as well as law abiding citizens. Circumstances are that on June 17, 2015, the couple acquired a piece of land held under 4486/2015 and sub-divided it into three residential stands measuring 1 600 square meters each.

Further allegations are that on July 13, the same year, the couple applied for a mortgage bond of $140 000 from NMB bank and reportedly submitted title deeds of the piece of land as security.

On the following day, NMB Bank reportedly approved the application and registered the bond with Registrar of Deeds.

This article originally appeared on H Metro

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