Two Zimbabwean businessmen appeared in court on fraud charges last week, accused of defrauding a Bulgarian investor of US$200,000 in a mining investment scheme. Barnabas Kavai and Ashley Makara were released on US$200 bail each after facing allegations of duping the foreign investor into a partnership at a gold mine in Guruve.
The case, presented before Harare magistrate Marehwanazvo Gofa, involves Adam Markov, a 32-year-old Bulgarian national who had come to Zimbabwe to explore investment opportunities in the country’s agricultural and mining sectors. According to the prosecution led by Mercy Masamvi, Markov was invited to Zimbabwe by Kavai on February 12, 2024, under the pretext of discussing potential investments.
Kavai introduced Markov to Ashley Makara, who was presented as the owner of Crown Mine, a gold mining operation based in Guruve. The two businessmen allegedly claimed that the mine was struggling financially and in need of an urgent capital injection to sustain operations and boost production. They reportedly persuaded Markov to invest US$200,000 in the mine, promising him significant returns.
As part of the agreement, Markov was told he would receive the equivalent value of 4kg of gold as a return on investment after four months, along with a 30% share of the mine’s net profits. The Bulgarian investor was also promised a directorship position in Kavai’s private company, KPM (Pvt) Ltd.
The court heard that on February 15, 2024, Markov, accompanied by Kavai, Makara, and Crown Mine contractor Eleazar Tamiriraishe Malomba, toured the mine to assess the viability of the operation. Impressed by the opportunity, Markov returned to Harare and handed over US$10,000 to Makara for mining registration fees. Days later, on February 20, Markov transferred US$170,000 from his cryptocurrency wallet and gave an additional US$20,000 in cash to Makara.
The prosecution alleged that Makara used the funds to settle mining debts and purchase equipment, including shovels, compressors, water pumps, a bow mill, and protective clothing. In addition, through his company Amadiz Global Solutions, Markov spent US$35,000 on a JCB 524 machine from South Africa to support the mining operations.
However, tensions escalated in June when Markov sought his promised return on investment. According to Masamvi, Kavai and Makara began to evade the Bulgarian investor’s requests and eventually threatened him with deportation, citing his tourist visa status. Markov was reportedly banned from visiting the mine, further straining the relationship.
The court has heard testimonies from four State witnesses who have provided statements detailing the events. The case will continue when Kavai and Makara return to court on October 30, 2024.
