Magaya Faces Legal Backlash Over Alleged Fraudulent Business Ventures
Walter Magaya, the self-proclaimed prophet and businessman, is once again under scrutiny as allegations of fraud and deceit surface in connection with his latest investment endeavor, Wistmer Investments. This comes amid a string of controversies surrounding Magaya, who has faced accusations ranging from unverified miracle claims to financial impropriety in the past.
The latest controversy revolves around mining agreements made with Magaya, where numerous individuals who invested their money through Yadah Connect, the investment arm of Magaya’s Prophetic Healing and Deliverance (PHD) Church, now claim they have not received their promised shares even after seven years.
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Victims, many of whom were Magaya’s followers, allege they were enticed into the mining share deal with promises of substantial returns. However, they now find themselves pursuing legal action to recover their investments, which they claim have not materialized.
Among the aggrieved investors is Rumbidzai Dukwara, who alleges she lost US$1,000 and R90,000 in an investment made in 2017. Similar grievances have been echoed by others, including Percy Makawonesu, who claims to have deposited R100,000 into a PHD bank account in South Africa in 2017 and has yet to recoup his money.
In addition to the mining investment debacle, Magaya is also accused of fraudulent dealings in the real estate sector through a company called Planet Africa. Investors allege they were misled into depositing funds for housing stands with vague details and ambiguous agreements, leading to further legal disputes.
Efforts to obtain comments from Magaya’s spokesperson, Admire Mango, proved futile, as he did not respond to calls or messages at the time of reporting.
These allegations add to a growing list of controversies surrounding Magaya, including a fraud scandal involving Israeli investors who claim to have been duped of US$3 million in a botched mining deal. The case is currently before the High Court, awaiting trial.
As investigations continue and legal proceedings unfold, the spotlight remains firmly on Walter Magaya, whose once-flourishing reputation now faces significant scrutiny amidst mounting allegations of fraudulent conduct.
