Antony Chawagarira
Harare – A Harare-based businessman, Joseph Kanyekanye, is facing serious fraud, extortion and money laundering charges in a case that prosecutors say involved the alleged use of a forged presidential signature and a sophisticated financial manipulation scheme linked to government payment systems.
According to court proceedings, Kanyekanye, a former CZI President and current Chairperson of Alliance Holdings, allegedly duped Pharmaceutical and Chemical Distributors (PCD) director Shar Prashanta into releasing more than US$663 000 under the pretext that the funds were required for Independence Day celebrations in Maphisa, Matabeleland South.
The State alleges that between March and April 2026, Kanyekanye, working with unnamed accomplices who are still at large, pressured Prashanta to release funds purportedly intended for senior Zanu PF officials and national Independence Day preparations. Prosecutors say the accused claimed the money had been approved by President Emmerson Mnangagwa, despite knowing that his contractual relationship with the complainant had already been terminated.
Court documents further allege that Kanyekanye used a forged letter, allegedly bearing the President’s signature and addressed to the Permanent Secretary in the Ministry of Finance and Investment Promotion, requesting the release of Treasury Bills. The document was reportedly presented to ministry officials as official Presidential instruction.
Investigators say this representation influenced Treasury officials, who subsequently authorised the release of approximately US$1.8 million into an account linked to the complainant.
It is alleged that Prashanta, acting under the same chain of transactions, later transferred about US$884 641 into his lawyers’ trust account, before portions of the funds were allegedly redirected to Kanyekanye.
The State further alleges that Kanyekanye channelled the proceeds through third-party accounts in an effort to conceal the origin of the money, forming the basis of the money laundering charge. Authorities say no funds have been recovered so far.
Prosecutors also claim that Kanyekanye used threats of unspecified consequences to pressure the complainant, warning of possible harm to his business interests and future Government approvals should he fail to comply with the demands.
The businessman appeared in court again before Harare magistrate Ruth Moyo, where he filed a bail application. He is expected to return for a ruling while investigations continue, with additional suspects believed to be involved in the scheme still at large. The case has drawn attention due to its alleged use of high-level political identity to legitimise financial transactions, raising broader concerns about vulnerabilities in both private sector dealings and Government payment verification systems.
As the matter proceeds, the State says it will rely on financial records, banking transfers, and documentary evidence to establish the flow of funds and Kanyekanye’s alleged role in orchestrating the scheme.
