Oakfin Pair in Court Over Alleged US$200,000 Ghost-Loan Scheme

A Chegutu branch manager and a loans officer employed by Oakfin Finance have appeared in court on fraud and money-laundering allegations involving approximately US$200,000 in loans allegedly obtained through fictitious customer accounts.

Takudzwa Blessing Chikwature, who manages Oakfin Finance’s Chegutu branch, and loans officer Michael Tinashe Mwoyondewenyu appeared before Harare regional magistrate Estere Chivasa. The pair were each granted US$200 bail and are due to return to court in Chegutu on September 1 for routine remand.

Oakfin Finance (Pvt) Ltd is the complainant in the fraud case, represented by its head of credit and administration, Dzingai Magama.

The State alleges that the suspected scheme came to light on July 27, 2026, when the company’s credit-control officer, Belindah Ndlovu, identified irregularities in loan information recorded on the firm’s system for the Chegutu branch.

According to prosecutors, Ndlovu confronted Mwoyondewenyu over the anomalies, but he denied any involvement in manipulating the system. Magama and Ndlovu subsequently travelled to Chegutu on August 8 to verify the loan records with Chikwature and Mwoyondewenyu.

During that exercise, the two officials allegedly uncovered accounts created in the names of people who did not exist. The accounts had allegedly been entered into the system as genuine clients who qualified to apply for loans.

Prosecutors say Chikwature and Mwoyondewenyu controlled the accounts and used them on different occasions to submit loan applications. Once the loans had been approved and paid out, the State alleges, the accused collected the money and diverted it to personal use.

The alleged fraud is valued at about US$200,000.

Four vehicles believed to have been acquired with part of the suspected proceeds were recovered during the investigation, according to the State. They are a cream Honda Fit, a silver Honda Fit, a white Nissan Caravan and a white Honda Fit. The vehicles have a combined stated value of US$16,000 and are being held by CID Chegutu as exhibits.

On the money-laundering charge, Detective Assistant Inspector Murandu of the CID Asset Forfeiture Unit, Northern Region, is representing the State. Prosecutors allege that between January and August 2026, the two men used funds obtained through the alleged fraudulent loan scheme to buy the vehicles.

The allegations have not been tested at trial. Chikwature and Mwoyondewenyu are presumed innocent unless proven guilty by a court.