ZW High Court: Branch Manager, Loans Officer Face Fraud Charges Over $200,000 Scam

• Takudzwa Blessing Chikwature and Michael Tinashe Mwoyondewenyu, a branch manager and loans officer at Oakfin Finance (Pvt) Ltd, have been accused of creating fictitious accounts to secure loans worth approximately US$200,000.
• The alleged scam was uncovered by Belindah Ndlovu, a credit control officer at Oakfin Finance (Pvt) Ltd, who detected irregularities in loan information on the company's system relating to its Chegutu branch.
• Four vehicles allegedly bought using proceeds from the suspected fraud with a combined value of approximately US$16,000 were recovered from the accused and are being held by CID Chegutu as exhibits.

The alleged scam was uncovered by Belindah Ndlovu, a credit control officer at Oakfin Finance (Pvt) Ltd, who detected irregularities in loan information on the company's system relating to its Chegutu branch.

A branch manager and loans officer at Oakfin Finance (Pvt) Ltd have been accused of creating fictitious accounts to secure loans worth approximately US$200,000. Takudzwa Blessing Chikwature, the branch manager, and Michael Tinashe Mwoyondewenyu, the loans officer, appeared in court facing fraud and money-laundering charges. The two were granted US$200 bail each and will return to court on September 1 for routine remand proceedings.

The alleged scam was uncovered by Belindah Ndlovu, a credit control officer at Oakfin Finance (Pvt) Ltd, who detected irregularities in loan information on the company's system relating to its Chegutu branch. The investigation revealed that Chikwature and Mwoyondewenyu controlled fictitious accounts used to apply for loans, which were then approved and disbursed before being converted to their personal use.

Four vehicles allegedly bought using proceeds from the suspected fraud with a combined value of approximately US$16,000 were recovered from the accused and are being held by CID Chegutu as exhibits.

The case has significant implications for lenders and financial institutions, highlighting the need to implement robust controls to prevent similar scams. Prosecutors allege that Chikwature and Mwoyondewenyu used fictitious accounts to obtain loans between January and August 2026, with part of the proceeds being used to purchase four vehicles.

The State is represented by Detective Assistant Inspector Murandu of the CID Asset Forfeiture Unit, Northern Region, who will be prosecuting the money-laundering charge. The case underscores the importance of vigilance in detecting and preventing financial crimes, particularly those involving fictitious accounts.

Lawyers are closely watching this case as it may set a precedent for future cases involving similar allegations of using fictitious accounts to secure loans.

The alleged scam has far-reaching consequences for the financial sector, emphasizing the need for lenders and financial institutions to implement robust controls to prevent similar scams. The case also highlights the importance of collaboration between law enforcement agencies and financial institutions in detecting and preventing financial crimes.

As the case unfolds, it will be crucial to monitor how the court handles the alleged use of fictitious accounts to secure loans, as this may have significant implications for future cases involving similar allegations. The outcome of this case will likely influence the way lenders and financial institutions approach loan applications and credit checks.

Lawyers should watch for the precedent of using fictitious accounts to secure loans, which may be used in future cases involving similar allegations.

Source: Original reporting via 263Chat