Mutare tycoon Forges Shares, Steals US$200k in Fam...

Mutare tycoon Forges Shares, Steals US$200k in Family Company Scandal

Munyaradzi Mashiri- Court Correspondent

A 70-year-old businessman from Mutare has been dragged to court for allegedly manipulating company shareholding and pocketing US$200 000 in rental income from a family-run business.

Kumar Shingadia appeared before the Harare Magistrates' Courts charged with fraud and theft of trust property.

He is expected to return to court on August 27, 2025.

The complainant in the matter is Bhavick Baccol Shingadia, who is Kumar’s nephew and the executor of his late father Bacool Rajsihn Shingadia’s estate.

The late Bacool was a shareholder and director at Shingadia Furniture Mart Private Limited, holding 29,800 of the company’s 100,000 allocated ordinary shares. Another shareholder, Vanraj Karson Shingadia, held 300 ordinary shares.

The court heard that in February 2022, Kumar allegedly forged and signed fraudulent board resolutions to increase the company’s authorised share capital from 100,000 to 400,000 ordinary shares.

He then reportedly allocated 280,000 shares to himself without following due process.

Kumar is also accused of handing over the forged resolution to one Danford Mavhunga and instructing him to file the changes with the Registrar of Companies.

He allegedly directed Mavhunga to remove the late Bacool Shingadia and Shingadia himself as shareholders and directors of the company.

Furthermore, Kumar is said to have personally collected rental income totalling US$200,000 from a property owned by Shingadia Furniture Mart Private Limited, which he did not remit to the rightful beneficiaries.