Former Croco Motors Boss ‘Joseph Matinyarare’ Convicted Over Fraud
The illicit activities came to light on September 23, 2020, when an internal audit uncovered discrepancies in the stock adjustments
Joseph Matinyarare, a former Parts Manager at Croco Motors, has been convicted of fraud after evidence showed that he pilfered various car components valued at $107,484,633. Matinyarare, who maintained his innocence throughout the trial, was found guilty following a comprehensive legal process.
This verdict comes following a recent decision by the prosecutor general to seize Matinyarare’s assets, including residential properties, on suspicion of their acquisition through illicit means. Matinyarare was jointly accused alongside Stephen Chafachaipa, who served as the Receiving Clerk at Croco Motors during the period in question.
Prosecutors successfully demonstrated that their responsibilities included the receipt and management of motor spare parts inventory for Croco Motors. Between 2016 and 2020, they allegedly engaged in a scheme to steal various car parts and conceal their actions by making irregular adjustments to the company’s computerized inventory system.
The illicit activities came to light on September 23, 2020, when an internal audit uncovered discrepancies in the stock adjustments. Matinyarare’s failure to provide a satisfactory explanation raised suspicions, prompting further investigation.
Following inquiries, Matinyarare admitted to possessing some of the missing property at his residence. Subsequent police searches recovered items identified by unique dealer codes and Croco Motors stickers.
Forensic analysis revealed that the total value of stolen car parts over the four-year period amounted to $107,484,633.
Matinyarare and Chafachaipa are scheduled to appear in court today, February 29, for their pre-sentencing hearing, where they will learn the consequences of their actions.
