The plot that started with hospital sale years ago: How Kereke hatched a scheme to pocket US$400 000


Former RBZ advisor Munyaradzi Kereke granted bail in $400k fraud case

A former advisor to the Reserve Bank of Zimbabwe, Munyaradzi Kereke, has been granted $200 bail after appearing in court accused of fraud.

He is charged alongside Everisto Rukasha, the suspended CEO of Harare Municipal Medical Aid Society (HMMAS).

The regional magistrate granted bail, noting the defendants have not violated any previous bail conditions. Prosecutors had argued they were flight risks, but the court felt this claim lacked merit as neither had attempted to flee thus far.

The alleged fraud dates back to 2014, when Kereke sold his Fortress Hospital property to HMMAS for US$800,000. However, in March 2022 he is accused of conspiring with Rukasha to falsely claim HMMAS still owed US$400,000 from the sale.

Kereke reportedly wrote to HMMAS misrepresenting the debt and threatening to reclaim the property, which remained in his name. He pressured the medical aid board by insisting he held the title deeds. As a result, HMMAS authorized paying the fraudulent amount.

Both men pleaded not guilty to the charges. The magistrate granted bail pending their December trial, finding they had met the reasonable burden required despite the serious accusations against them. It remains to be seen how prosecutors will seek to prove the fraud allegations in court. But for now, Kereke and Rukasha will await their fate outside of custody.

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