Two Chinese nationals have been granted bail after appearing in court on allegations of defrauding an investor of about US$650,000 in a lithium trading venture and subsequently laundering the proceeds.
Chen Dehua, 57, and Kang Lyuyun, 55, appeared before Harare regional magistrate Jesse Kufa facing charges of fraud and money laundering. They were each granted US$1,000 bail and remanded to a later date.
According to the State, the alleged offence occurred between October 1 and October 31, 2022, when the pair allegedly persuaded fellow Chinese national Shigang Li to invest in a proposed lithium trading company.
Prosecutors told the court that the accused represented to Li that he would receive a 25 percent shareholding in the company if he invested RMB5 million in the venture.
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Acting on the representation, Li allegedly transferred RMB4.5 million into a bank account held by Shenzhen Shenka Te, which prosecutors say was controlled by Kang.
The State alleges that after receiving the funds, the accused failed to register Li as a shareholder or director of the company as promised and did not provide him with the agreed stake.
Prosecutors further allege that the pair later moved and converted the money while knowing it had been obtained through unlawful means.
The transactions were allegedly intended to conceal the source of the funds and shield those involved from legal consequences, in contravention of the Money Laundering and Proceeds of Crime Act.
The accused were arrested on June 17, 2026, by detectives from the CID Asset Forfeiture Unit at the Golden Peacock Hotel in Harare.
The alleged prejudice amounts to RMB4.5 million, equivalent to approximately US$650,000. No recoveries have been made, the court heard.
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