Angry depositors besiege micro finance institution

BULAWAYO - A Bulawayo-based micro finance institution was yesterday besieged by hundreds of irate clients for late payment of return on investment.

Visibly angry clients blocked the entrance of Perfectshot Investments, shouting obscenities and threatening to storm the offices.
Perfectshot was recently fined $2 000 for breaching the Banking Act.

The Daily News on Sunday understands the institution had served clients with notifications that their money was ready for collection on Thursday, but Perfectshot was unable to deliver.

Upon arrival, clients found the offices locked, raising suspicion of possible foul play.

This created panic amongst the clients, some who had invested thousands of dollars in the company, as they immediately demanded to see the director over the matter.

“Hapana chiripo apa, they are saying we will get our money on Monday,” shouted one irate client.

“We haven’t heard any official position, but the security guard is the only one who is coming to address us. We want our monies; these people are not going to get away with this. We recently heard that the director plundered our monies at his wedding, so he can’t tell us the company is broke now.”

Sensing danger from the clients who were increasingly becoming agitated, one of the company directors only identified as Henry, was forced to face the clients as he appealed for more time.

“The challenge that we have is that of cash constraints. We don’t have money at the moment,” he said.

“We are having challenges with our investors because they are no longer reliable but the guarantee I have is that we will have the money by tomorrow.”

An overzealous security guard threatened journalists who were filming the action,  confiscating a camera before deleting photos.

The company was last month arraigned before the Bulawayo Magistrates Court for mobilising deposits from members of the public and lending money illegally without registration under the Banking Act.

Perfectshot is also into mining of diamonds and runs a pyramid scheme which rewards investors with 30 percent interest on premium.

Over 1 000 clients have reportedly invested in the controversial pyramid scheme.

This incident comes hard on the heels of another bogus micro finance Geozing which fleeced over 2 000 residents thousands of dollars under a pyramid scheme.

Geozing, which owns various properties in the city, has not paid back the money owed to clients.

Geozing Investments director George Zingani appeared in court facing fraud charges, and the case is still pending. - Jeffrey Muvundusi and Nyasha Chingono

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