Business Manager Accused of Massive US$190 Million...

Business Manager Accused of Massive US$190 Million Scam

Munyaradzi Mashiri- Court Correspondent

A 39-year-old business manager has been taken to court facing charges of a US$190 million fraud involving his employer's funds, allegedly processing fraudulent loan applications and forging documents.

Challenge Dondo 39, who was before magistrate Marehwanazvo Gofa at the Harare Magistrate's Courts was charged of fraud.

Dondo was granted US$300 bail and will will appear in court on October 7, 2025.

The prosecution through Rufaro Chonzi told the court that Dondo was employed as a fund manager by Cornerstone Asset Management, represented in court by its director, Tafadzwa Herbert Tumbare.

The company manages funds on behalf of clients and operates a Nominees Account with CABS under the name Celestial Nominees.

Between April 2023 and December 2023, Dondo allegedly processed fraudulent loan applications on behalf of two companies, Swiss Worx (Pvt) Ltd and Kelsey Milli (Pvt) Ltd.

Dondo reportedly forged board resolutions and signatures of the company chairman Sagie Naidoo and director Bruce Zungu, both based in South Africa, to secure approvals from CABS, the custodian of the Celestial Nominees account.

It is alleged that Dondo reportedly used the title deeds for his father Oliver Dondo's property house number 15351, 84 Close, Sunningdale 2, Harare as collateral to facilitate a loan for Kelsey Milli (Pvt) Ltd.

Acting on Dondo’s alleged misrepresentations, Cornerstone Asset Management transferred US$57 000 to Swiss Worx (Pvt) Ltd and US$190 000 000 to Kelsey Milli (Pvt) Ltd.

Only the US$190 000 000 was later recovered, while the US$57 000 remains unaccounted for.