Alvin Nyaradzai Mparutsa faces court over US$160,000 maize loan fraud

A US$160,000 loan allegedly secured with someone else's assets just blew up in court for a Harare maize-milling outfit.

Super C Group hit with fraud charges

• Super C Group and director Alvin Nyaradzai Mparutsa face fraud allegations over a US$160,000 loan.
• Mparutsa appeared before Harare regional magistrate Jessie Kufa.
• Bail got set at US$1,000 for the director.
• Empower Bank's recoveries officer, Itai Mutayi, is representing the lender.

How the loan allegedly went sideways

• Super C Group applied for US$160,000 in working capital back in May 2024.
• Funds were earmarked for maize milling at Willowvale in Harare.
• Mparutsa signed a formal agreement and debt acknowledgement on May 31.
• Collateral supposedly included a Hino Ranger, a Volvo FL6, and a milling plant.

Collateral mess at the heart of it

• Those pledged assets actually belonged to subsidiary Classic Superfoods.
• Registration records showed Classic Superfoods, not Super C Group, as the owner.
• Empower Bank only caught on when loan repayments stopped coming.
• Attachment efforts on the collateral hit a dead end completely.