Woman Defrauds Niece of US$350K in Fake Investment...

Woman Defrauds Niece of US$350K in Fake Investment Scheme

Munyaradzi Mashiri

Court Correspondent

A 51-year-old Harare woman has appeared in court on allegations of defrauding her niece of US$350 000 through a counterfeit investment scheme.

Doreen Mandivenga was arraigned before the Harare Magistrates' Court, facing fraud charges.

She was remanded in custody and is scheduled to appear in court on February 17, 2025, for a bail hearing.

Prosecutor Anesu Chirenje told the court that Mandivenga lured her niece, Peacemaker Nyevero Makuve, a 39-year-old construction business director, into the scheme by presenting it as a lucrative, risk-free investment opportunity with a guaranteed minimum return of 4%.

Between May 2023 and September 2024, Makuve invested large sums in phases, eventually handing over a total of US$350 000. To maintain an appearance of legitimacy, Mandivenga issued promissory notes and even paid Makuve US$110 000 in interest.

However, when Makuve sought to withdraw her principal investment or claim further returns, Mandivenga became evasive and changed her communication patterns.

The prosecution further revealed that Mandivenga worked alongside an accomplice, Jesman Chonzi, who remains at large. Chonzi was introduced to Makuve through Mandivenga, who also managed her husband's assets under a power of attorney.

After repeated failed attempts to recover her funds, Makuve reported the matter to the police, leading to Mandivenga’s arrest.

Authorities have confirmed that no funds have been recovered to date.