Two men, George Masvipe and Pascal Magama, are facing fraud charges after allegedly duping a local businessman into investing $20,000 in a fake investment scheme. The suspects reportedly approached Terence Mwahowa, co-director of Terraworld Investments, with a proposal to invest in Needflow Capital (Pvt) Ltd.
Masvipe allegedly promised Mwahowa a staggering $3 million return within three months, claiming the investment would be used to process a Standby Letter of Credit (SBLC). Magama then signed a Deed of Agreement, acknowledging receipt of the funds. However, Mwahowa never saw any returns and eventually reported the matter to the police.
The police investigation revealed that the suspects had no intention of investing the funds as promised. Masvipe and Magama were arrested and charged with fraud. The case is ongoing, with nothing recovered so far.
This incident highlights the importance of due diligence and caution when investing in business ventures. Investors should verify the legitimacy of companies and individuals before parting with their money. The outcome of this case will likely serve as a warning to those who engage in similar scams.
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