Joseph Kanyekanye has appeared before the Harare Magistrates’ Court facing charges of extortion, fraud, and money laundering linked to more than US$663,000.
The 58-year-old businessman appeared before magistrate Ruth Moyo on Tuesday for a bail application after initially appearing in court over the weekend.
Prosecutors allege that between March and April this year, Kanyekanye and alleged accomplices pressured Pharmaceutical and Chemical Distributors director Shar Prashanta into releasing funds supposedly meant for Independence Day celebrations in Maphisa.
The State claims Kanyekanye allegedly told Prashanta that President Emmerson Mnangagwa had approved the disbursement and threatened him with consequences if he failed to release the money.
Court papers allege that Prashanta later transferred US$663,480.75 into a CBZ account allegedly supplied by Kanyekanye.
Prosecutors further claim a forged letter allegedly signed by President Mnangagwa was used to request the release of Treasury Bills amounting to US$1.8 million.
The State also alleges that some of the funds were moved through third-party accounts in an attempt to conceal their origin.
Investigations are continuing and authorities say no money has yet been recovered.
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