By Chisomo Phiri
The Chief Resident Magistrate Court in Lilongwe has on Thursday found businessman Zameer Karim of Pioneer Investments(PI) with a case to answer on charges of intent to defraud Ecobank Malawi K850 million by allegedly fraudulently obtaining a loan purportedly guaranteed by Malawi Police Service(MPS).
The court also acquitted an employee of EcoBank Victoria Chanza who was charged alongside Karim.
Justice Patrick Chirwa sitting as chief resident magistrate delivered a brief ruling saying a detailed ruling will be ready next week.
The court is yet to communicate on dates for the defence stage of the case.
In an interview with local media outside the court after being granted freedom, Chanza said: “I knew I did nothing wrong, it was just a matter of time, I thank God, I thank my family and I thank my colleagues. I am just overwhelmed with happiness but above all, I thank God that he has vindicated me.”
Chanza, just like Karim was facing three counts of forgery contrary to Section 358 of the Penal Code, uttering a false document contrary to Section360 of Penal Code and fraud other than false pretences contrary to Section319 (A) of the Penal Code.
Chanza and Karim were arrested in November 2020 on accusations of presenting a Notice of Assignment of Proceeds purporting to have been signed by the Malawi Police director of finance and his deputy, undertaking to directly pay Ecobank K850 million as proceeds of a contract between police and Karim of Oil and Protein Company Limited.
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