Tendai Ziso

Harare businessman Shingai Levison Muringi was today sentenced to five years in prison by Magistrate Patricia Kamwanda after being found guilty of fraud and money laundering involving US$85,000.

Muringi’s company, Last Kings Holdings (Pvt) Ltd, was fined US$5,000, payable forthwith. Failure to pay the fine will result in the attachment of the company’s property to recover the amount.

The court heard that Muringi, the second respondent, orchestrated a scheme to defraud Rakbury Investments, represented by Mr. Thembinkosi Chigogwana, of US$85,000.

Muringi was sentenced to five years’ imprisonment, with one year suspended on condition of good behavior and another year suspended on condition that he repays the US$85,000 by May 30 this year.

He was also sentenced to 48 months’ imprisonment for money laundering, with 12 months suspended on condition that he does not commit a similar offense within the next five years.

The court also ordered the forfeiture of Muringi’s Toyota Hilux GD6, purchased with proceeds from the crime.

The prosecution alleged that Muringi, through his company, fraudulently reversed a transaction of US$85,000 deposited into Rakbury’s FNB Bank account, using the funds to purchase a vehicle.

Muringi had received the money from Philip Nyamadzawo, a director of Northmann Capital Private Limited, for the purchase of diesel, but instead used it for personal gain.

Muringi’s actions came to light when FNB Bank Zambia contacted Rakbury, informing them that the US$85,000 had been reversed on his instructions. Rakbury subsequently reported the matter to the police.