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[QUOTE="Queen, post: 87807, member: 27"]
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
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[*]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.
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How the loan allegedly went sideways
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[*]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.
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Collateral mess at the heart of it
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[*]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.
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