Business executive and co-founder of a global cash remittance start-up Kuvacash Private Limited, James Saruchera Tuesday appeared in court accused of defrauding a client of US$286 000 in a botched property deal.

Saruchera was not asked to plead when he appeared before Harare magistrate Patricia Kamwanda who granted him US$500 bail.

The businessman is jointly charged with his company Kuvacash.

He is charged with theft of trust property.

According to court papers, the complainant is Paidamoyo Kuruneri.

It is alleged that Kuruneri received information that Kennan Properties was selling a property in Borrowdale, Harare for US$320 000.

Kuruneri negotiated for a price reduction and it was eventually reduced to US$286 000.

Kennan Properties advised the complainant that the owner of the property wanted his money offshore and it further advised the complainant that Kuvacash was licensed to facilitate the transfer.

"Complainant then approached Kuvacash to transfer the money to the owner in the United Kingdom in purchasing the property.

"Kennan Properties arranged an agreement of sale of the property from the owner," the court heard.

It is alleged that Kuruneri paid US$ 286,000 to Kuva Cash through its company account relationship manager Lauren who received and receipted the money.

This was done with instructions from Saruchera.

After receiving the money, instead of transferring the money to the owner Saruchera then allegedly converted money to own use.

The owner of the property terminated the contract through Kennan Properties after Saruchera failed to transfer the money.

The accused could not account for the money and was resultantly arrested.

Nothing was recovered.