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Thandeka Moyo Court Reporter
PERFECT Shot Investments, one of Bulawayo’s collapsed pyramid schemes, was on Thursday acquitted of fraud charges. Its youthful director, Kelvin Mazhandu, was also let to go scot free after the court cited insufficient evidence to convict either him or his company. The company was being accused of swindling investors of cash amounting to $1 million.

Perfect Shot Investments was the first accused while Mazhandu appeared as accused number two. Mazhandu appeared on behalf of the company and on his own behalf.

Regional Magistrate Sikhumbuzo Nyathi said despite the company failing to deliver the high returns as promised in the contract between the company and members of the public, there was no evidence that the company or its director misrepresented any other fact.

“In arriving at the ruling, the court considered the evidence on record and on document. Let me point out that the accused persons haven’t been charged under the Companies Act and it seems therefore that the provisions of that Act are not applicable to this case,” said magistrate Nyathi.

“As stated earlier on, there is no evidence. Both accused persons are found not guilty and they are acquitted at the close of the State case.”

Prosecuting Tinashe Dzipe said between February 1 and May 5 2013, Mazhandu with intent to defraud the complainants of their money, placed adverts in local newspapers misrepresenting to the public that his company, Perfect Shot Investments, had been authorised to accept deposits from the public by the Reserve Bank of Zimbabwe.

Mazhandu would through his pawn broking company allegedly invite people to deposit their money promising to pay between 30 and 35 percent interest per month.

His investors, mostly members of the public, were left stranded following the collapse of the money lending facility in May 2013.

Mazhandu would draw a contract form with clients where they would provide their identity details and the amount invested.

The complainants made different deposits during that period running up to $1 million and Mazhandu allegedly took the money and converted it to his own use.

When the pyramid collapsed, he allegedly fled to South Africa. He was arrested on his return.

He first appeared in court on August 30 2013 where he was charged under Section 136 of the Criminal Law Codification and Reform) Act Chapter 9:23 (Fraud) and pleaded not guilty.