Kuvacash Co-Founder James Saruchera Arrested for Defrauding Client of US$286,000 in Property Deal

Kuvacash Co-Founder James Saruchera Arrested for Defrauding Client of US$286,000 in Property Deal

Co-founder of the global cash remittance start-up Kuvacash Private Limited, James Saruchera, was recently arrested for defrauding a client of US$286,000 in a failed property deal.

James Saruchera was brought before the Harare Magistrate’s Court yesterday.

He was not required to plead to the charge when he appeared before Magistrate Patricia Kamwanda, who granted him bail set at US$500.

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Allegations of Fraudulent Property Transaction

According to The Herald, Saruchera is facing charges alongside his company, Kuvacash, for the theft of trust property. The complainant, Paidamoyo Kuruneri, entered into an agreement to purchase a property located in Borrowdale, Harare.

The sequence of events leading to the alleged fraud began when Kuruneri received information from Kennan Properties that the property was available for sale at US$320,000. After negotiating for a reduction, the price was lowered to US$286,000.

Role of Kuvacash in the Transaction

Kennan Properties informed Kuruneri that the property seller preferred to receive the payment overseas and recommended Kuvacash as the licensed facilitator for the international transfer.

Acting on this advice, Kuruneri approached Kuvacash to handle the payment to the seller, who was located in the United Kingdom.

A sale agreement for the property was then arranged, and Kuruneri transferred the US$286,000 to Kuvacash. Court documents indicate that this transaction was carried out under the direct instructions of Saruchera.