Chinese nationals granted bail in Harare over US$650k lithium deal fraud claim

Chinese nationals granted bail in Harare over US$650k lithium deal fraud claim

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Two Chinese nationals accused of defrauding an investor of about US$650,000 in a proposed lithium trading venture have been granted bail by the Harare Magistrates’ Court.

Chen Dehua (57) and Kang Lyuyun (55) appeared before Harare regional magistrate Jesse Kufa facing charges of fraud and money laundering. They were each granted US$1,000 bail and remanded to a later date.

Prosecutors allege the offence took place between October 1 and October 31, 2022, when the pair persuaded a fellow Chinese national, Shigang Li, to invest in what was presented as a lithium trading company.

The State alleges Chen and Kang told Li he would receive a 25% shareholding in the business if he invested RMB5 million. The court heard that Li then transferred RMB4.5 million into a bank account held by Shenzhen Shenka Te, which prosecutors said was controlled by Kang.

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According to the State, Li was not registered as a shareholder or director as promised and did not receive the stake he had been offered.

Prosecutors further allege the pair later moved and converted the funds while knowing they had been obtained through unlawful means. The State claims the transactions were intended to conceal the origin of the money and shield those involved from legal consequences, in contravention of the Money Laundering and Proceeds of Crime Act.

Chen and Kang were arrested on June 17, 2026 by detectives from the CID Asset Forfeiture Unit at the Golden Peacock Hotel in Harare, the court heard.

The alleged prejudice was put at RMB4.5 million, which the State said is equivalent to about US$650,000. No recoveries have been made, prosecutors told the court.

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