Investor loses US$60K in botched lithium deal

Prosper DembedzaHerald CorrespondentA United Arab Emirates-based company, Rudra Mani Gen trading as LLC, allegedly lost US$60K to Nasha Industries and Commodities Private Limited in a botched lithium deal, the court heard.Nasha Industries and Commodities Private Limited’s director, Nasha Weal Musa, was facing fraud charges when he appeared before Harare magistrate Ms Ruth Moyo.He was remanded in custody until tomorrow for a bail application.LLC, which is involved in the trading of minerals and mostly procures minerals in Zimbabwe for export to China, is being represented by its Operations Director, Mahek Shah (39).State prosecutor Takudzwa Jambawu told the court that sometime in January 2025, the complainant, through its company representative Shah, was looking for lithium concentrate in Zimbabwe to export to China and met Musa at Borrowdale Village Walk.Musa allegedly lied to the complainant, claiming that his company had 500 metric tonnes of lithium concentrate in Kamativi, which he was selling for US$196 000, inclusive of facilitating export documents.The court heard that Shah expressed interest in securing the mineral from Musa, and on January 31, 2025, the parties entered into a Memorandum of Sale and Purchase Agreement.The two agreed that the accused would deliver the 500 metric tonnes of lithium concentrate to his business address at number 7 Faber Road, Bluffhill, Harare, from which the complainant would load the consignment for export.Both parties also agreed that the complainant would make a one-time payment after Musa delivered the lithium concentrate.On February 11, Musa told the complainant that he faced some funding challenges in starting to transport the lithium concentrate to Harare and requested some money from the complainant.As a result, the complainant dispatched US$47 000, which Musa acknowledged receipt of by signing an acknowledgement receipt and promised to start transporting the lithium concentrate to the agreed destination within five days.It is alleged that after the lapse of five days, Musa failed to honour his promises and requested more funding from the complainant, receiving an additional US$13 620 on various occasions.After receiving the funds from the complainant, the accused failed to supply the lithium concentrate as promised, converted the funds to his own use, and became evasive.This prompted the complainant to make a police report.As a result of the accused’s actions, the complainant lost US$60 620.Share on FacebookPost on XFollow usSave

Originally published on Zimbabwe Herald

Source: Zimbabwe Herald