Two Chinese nationals, a director and shareholder of two different agro-chemical firms, appeared at the Harare Magistrates Court yesterday, accused of defrauding a fellow investor of US$420,000 in an alleged share purchase scam.

Mu Jarui (44), a director and shareholder of Katsu Agro Chemical (Pvt) Ltd, and Li Mao (40), a director of Kenova Crop Science (Pvt) Ltd, were formally charged and granted US$500 bail each by Magistrate Marehwanazvo Gofa.

The complainant, also a Chinese national, is Wang Li, a director and shareholder of Katsu Agro Chemical.
According to the State’s case, the alleged fraud stems from a joint investment agreement entered into in April 2025.

Wang Li reportedly agreed to purchase a 44% stake in Li Mao’s company, Kenova Crop Science, a firm specializing in pesticides.

The court heard that on April 14, 2025, Wang Li paid US$420,000 to Li Mao for the promised shares.

Mu Jarui then contributed US$210,000 for a 22% shareholding, while Li Mao allegedly paid US$330,000 for the remaining 34%.
Wang Li was given what she believed was proof of payment, but the State alleges the shares were never transferred to her name.
The alleged fraud was reportedly uncovered in August 2025 when Li Mao instituted High Court proceedings (case number HCH 485/25) against Wang Li, demanding money and a vehicle.
Li Mao claimed the assets belonged to Katsu Agro Chemical.

In reviewing the High Court application, Wang Li claims she discovered a fraudulent document titled “Investment Refund Agreement,” which falsely indicated that her US$420,000 investment had been returned to her.

The State maintains that Wang Li was never refunded her money and never signed the purported refund agreement.