Yao Zhao Remanded in Custody Over US$370,000 Scam

A Chinese businessman and co-director of SABRICORP Trading (Private) Limited appeared in court on fraud charges involving over US$370,000.

The accused, 29-year-old Yao Zhao, appeared before Harare Regional Magistrate Marehwanazvo Gofa after being arrested at Robert Gabriel Mugabe International Airport while attempting to leave the country.

Zhao was remanded in custody to tomorrow for the continuation of his bail application.

The complainant, 33-year-old Myles Karuma, is also a co-director of SABRICORP Trading (Private) Limited.

According to court papers, in November 2023 Zhao approached Karuma with a proposal to join forces and register a company for importing excavators from China for resale. Acting on Zhao’s request, Karuma partnered with him, forming SABRICORP Trading (Pvt) Ltd.

The company subsequently imported four 22-tonne excavators and four 38-tonne excavators. Upon arrival in Zimbabwe, it is alleged that Zhao diverted the excavators for his personal use, depriving the company and his co-director of their rightful property.

After realising he had been defrauded, Karuma filed a police report, leading to Zhao’s arrest. The complainant reportedly suffered a total loss of US$370,000, with none of the funds recovered.

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