ZIMBABWE’S former honorary consul to the United Arab Emirates, Shamiso Fred, appeared at the Harare Magistrates Court early this week charged with defrauding a group of women of US$193 000 after she allegedly lured them to invest various amounts of money into her organisation, African Business Woman Association (ABWA).
Fred (41) is being charged together with her organisation ABWA.
She appeared before magistrate Marehwanazvo Gofa who granted her US$500 bail.
lt is the State case that sometime in 2021, Fred made a misrepresentation to the 16 complainants by advertising on various social media platforms inviting clients to invest in ABWA, claiming the organisation specialised in egg production and dairy farming.
Prospective investors were obliged to pay a non-refundable joining fee of USD$39 and invest US$1 000 for a slot in the egg production business and USD$2000 for a slot in the dairy farming project. In return, they would each receive US$250 per month in egg production and USD$450 per month on the dairy side as profit.
It is alleged the 16 invested various amounts totalling US$196 553 and £2 072 between December 2020 and October 2022.
Upon maturity of their investment, only three ‘investors’ were paid a total of US$ 19 005 as part of their share of the profits.
The complainants then made a police report, leading to Fred’s arrest.
Source:Newsday
