A Harare businessman is at the centre of a major fraud and extortion case in which a pharmaceutical company director was allegedly pressured into releasing more than US$663,000 under claims the funds were required for official Independence Day celebrations. Alliance Holdings executive chairperson Joseph Kanyekanye is accused of masterminding the scheme alongside unidentified accomplices who remain at large.

Alleged fake government payment scheme

Kanyekanye appeared before Harare magistrate Ruth Moyo facing charges of extortion, fraud and money laundering, and has applied for bail while investigations continue. Prosecutors allege that between March and April this year, Kanyekanye and his alleged partners approached Pharmaceutical and Chemical Distributors director Shar Prashanta, claiming the funds were needed for official Independence Day arrangements held in Maphisa.
The State alleges the accused misrepresented that payments had been approved for senior government and ruling party officials, creating the impression the transactions carried presidential authority  including a false claim that President Emmerson Mnangagwa had personally authorised the disbursements, despite Kanyekanye's contractual relationship linked to the arrangement having already ended.

Alleged pressure and threats

Court documents indicate Prashanta was coerced into releasing the funds after being warned of unspecified consequences, including potential damage to his business interests and the risk of losing access to future government-related approvals. Under the alleged pressure, Prashanta transferred US$663,480.75 from a trust account into a CBZ account reportedly supplied by Kanyekanye.

Forged presidential letter allegation

Prosecutors further allege that Kanyekanye escalated the scheme by presenting a forged letter purportedly signed by President Mnangagwa and addressed to the Permanent Secretary in the Ministry of Finance and Investment Promotion, requesting the release of Treasury Bills. Officials are said to have been misled into believing the instruction was genuine and originated from the Office of the President.

Treasury funds and money flow


Acting on the misrepresentation, Treasury officials allegedly authorised the release of US$1.8 million into Prashanta's account. The State claims approximately US$884,641 was subsequently moved to a lawyers' trust account before portions were allegedly diverted toward Kanyekanye. Investigators say the movement of funds was structured across multiple accounts in an attempt to disguise their origin. None of the funds involved in the alleged scheme have been recovered to date.