Zimbabwe: Duo in Court Over Alleged U.S.$200k Ghost Loan Scam

What the report says

Two employees of a local financial services company in Zimbabwe appeared in court in a fraud and money-laundering case tied to alleged “ghost” loans worth about US$200,000, according to reporting carried by AllAfrica from 263Chat. The accused are Takudzwa Blessing Chikwature, identified as a branch manager, and Michael Tinashe Mwoyondewenyu, identified as a loans officer. They appeared before Harare regional magistrate Estere Chivasa and were each granted US$200 bail. The matter is set to return to court in Chegutu on 1 September for routine remand proceedings.

The complaint was brought by Oakfin Finance (Pvt) Ltd, through head of credit and administration Dzingai Magama. Prosecutors allege that the company first detected irregularities in loan records linked to its Chegutu branch on 27 July 2026, after a credit control officer reviewed the system. The court heard that the two men were later questioned as the company проверied the branch records and that investigators believe fictitious client accounts were created to make loan applications appear legitimate.

According to the allegations, the loans were approved and paid out, after which the accused are said to have taken the money for personal use. Prosecutors also say part of the proceeds was used to buy four vehicles, valued at about US$16,000 in total, which have been recovered and are now held as exhibits. If proven, the case underscores how internal controls and digital loan systems can be exploited, and why financial institutions often treat such cases as both fraud and asset-recovery matters.