Alliance Holdings Chair Joseph Kanyekanye Accused in US$663 000 Fake Independence Day Payment Scam
A Harare businessman is at the centre of a major fraud and extortion case in which a pharmaceutical company director was pressured into releasing more than US$663 000 under claims that the funds were required for Independence Day celebrations.
The Executive chairperson of Alliance Holdings Joseph Kanyekanye is accused of masterminding the scheme alongside unidentified accomplices who remain at large.
Alleged Fake Government Payment Scheme
Kanyekanye appeared before Harare magistrate Ruth Moyo, where he is facing charges of extortion, fraud and money laundering. He has applied for bail while investigations continue.
According to The Herald, between March and April this year, prosecutors allege Kanyekanye and his alleged partners approached Pharmaceutical and Chemical Distributors director Shar Prashanta, claiming the money was needed for official Independence Day arrangements held in Maphisa.
The State says the accused misrepresented that the payments had been approved for senior government and ruling party officials, creating the impression that the transactions carried presidential authority.
Investigators further allege that Kanyekanye falsely claimed that President Emmerson Mnangagwa had personally authorised the disbursement, despite knowing that his contractual relationship linked to the arrangement had already ended.
Alleged Pressure and Threats
Court documents indicate that Mr Prashanta was coerced into releasing the funds after being warned of unspecified consequences.
The threats reportedly included possible damage to his business interests and risks of losing access to future government-related approvals if he failed to comply.
Under the alleged pressure, Mr Prashanta transferred US$663 480,75 from a trust account into a CBZ account reportedly supplied by Kanyekanye.
Forged Presidential Letter Allegation
Prosecutors also allege that Kanyekanye escalated the scheme by presenting a forged letter purportedly signed by President Emmerson Mnangagwa.
The document was allegedly addressed to the Permanent Secretary in the Ministry of Finance and Investment Promotion, requesting the release of Treasury Bills.
Officials are said to have been misled into believing the instruction was genuine and linked to the Office of the President.
Treasury Funds and Money Flow
It is further alleged that Treasury officials, acting on the misrepresentation, authorised the release of US$1,8 million into Mr Prashanta’s account.
The State claims that approximately US$884 641 was later moved to a lawyers’ trust account before portions were allegedly diverted further in the direction of Kanyekanye.
Investigators say the movement of funds was structured through multiple accounts in an attempt to disguise their origin.
Unfortunately, none of the funds involved in the alleged scheme have been recovered to date.
The post Alliance Holdings Chair Joseph Kanyekanye Accused of Faking Presidential Approval in Multi-Million Dollar Treasury Scam appeared first on iHarare News.
