No Result
View All Result
News Report Zimbabwe
  • News
  • Crime and Courts
  • Elections 2023
  • Celebrity
  • Horror and Disaster
  • Politics
  • Sports
  • Breaking News
  • Mjolo
  • Business
  • Entertainment
  • Health and Diseases
  • Religion
  • Technology
  • Vacancies
News Report Zimbabwe
No Result
View All Result
Home News

Zimbabweans have lost US$32 million in Ponzi schemes

November 14, 2023
in News
0
Zimbabweans have lost US$32 million in Ponzi schemes
Share on FacebookShare on Twitter

AT least US$32 million has been lost to scammers, who have combined to rip off more than 10 000 Zimbabweans of their savings, using Ponzi Schemes in the past three years.

In July, this year, the Reserve Bank of Zimbabwe’s Financial Intelligence Unit was forced to issue a warning to the public over the proliferation of Ponzi and Pyramid schemes in the country.

The warning came after the founder and suspected mastermind of an online Ponzi scheme called E-creator, Zhao Jiaotong (39), in which hundreds of people lost their hard-earned money in the pyramid scheme, was arrested.

Two years ago, authorities revealed that at least 10 000 Zimbabweans lost an estimated US$30 million to Ponzi Schemes in that year alone.

RelatedPosts

ZANU PF Accused Of Bribing SADC Elders To Retain From Losing Power

Secret message for ED after his inauguration

Thokozani Khupe Battling Cancer

Presidential Election Results by Sunday evening -ZEC

“At least 10 000 complainants reportedly lost over US$30 million between them,” said national police spokesperson, Assistant Commissioner Paul Nyathi.

“We have handled some 892 such cases involving thousands of complainants.

“The scammers quickly disappear after swindling the unsuspecting investors.

“Millions of dollars were lost, some lost houses while others committed suicide upon discovering they would have been duped. We have handled suicide cases related to Ponzi schemes”

The scams centred around these ventures:

l Beven Capital, was involved in a US$17 823 000 scam of 2 000 people.

l Bitcoin Interchange Zimbabwe where 43 people reported being swindled of US$765 935.

l Delight Credit was investigated after investors lost US$100 000

According to Interpol’s Online Scams report, Africa loses over US$500 million of its GDP per annum to online scams such as email scams, romance fraud, social media scams, malware attacks, and so on.

So, what is happening elsewhere in the region?

In September this year, a South African Ponzi scheme was ordered to pay US$1.7 billion in restitution to thousands of victims in the United States.

A federal judge handed down the restitution order against Mirror Trading International (MTI), a bitcoin trading scheme.

The order described MTI as an “international fraudulent multilevel marketing scheme” that broke a host of US laws.

The ruling was signed by representatives of MTI’s liquidators in South Africa, who have been trying to track down thousands of missing bitcoin for the past two years.

MTI, which was head-quartered in Stellenbosch, collapsed in December 2020 after it abruptly halted payments to members.

BOTSWANA

The Ecoplexus scam, which purported to invest victims’ funds in products of Ecoplexus, a real United States company which specialises in the development, design, construction, and financing of renewable energy projects in the US, and key international markets, ripped off hundreds of people in Botswana

Reports indicated that the total amount of money lost in this Ponzi scheme ran into tens of millions of pula.

Source MyZimbabwe

Tags: Assistant Commissioner Paul NyathiE-creatorPonzi SchemesZhao Jiaotong
Share208Tweet130

Related Posts

Farmers urged to plant short season seed varieties

Farmers urged to plant short season seed varieties

by Tatenda Ndlovu
November 28, 2023
0
1.4k

As the dry spell continues and the cropping season is progressing, farmers across the country should now focus on planting...

Where there is will there is always a way: Security guard now a qualified nurse

Where there is will there is always a way: Security guard now a qualified nurse

by Tatenda Ndlovu
November 28, 2023
0
1.5k

Last week a determined Nefutara Kanjunjuma completed a transition when he graduated as a qualified State Registered Nurse (RGN), following...

Kasukuwere’s lawyer summoned for disciplinary committee by Zanu PF

Kasukuwere’s lawyer summoned for disciplinary committee by Zanu PF

by Tatenda Ndlovu
November 28, 2023
0
1.5k

Former cabinet Minister Saviour Kasukuwere's spokesperson Jacqueline Sande, a lawyer who represented Saviour Kasukuwere in his legal challenge against his...

Stewart Murisa’s inspiring victory over alcohol addiction

Stewart Murisa’s inspiring victory over alcohol addiction

by Tatenda Ndlovu
November 28, 2023
0
1.5k

Four years ago, Stewart Murisa, the former soccer star, found himself in the depths of despair. As a member of...

POPULAR STORIES THIS WEEK

  • Convoy of more than hundred cars accompany Chigova’s body for burial

    Convoy of more than hundred cars accompany Chigova’s body for burial

    1821 shares
    Share 728 Tweet 455
  • WATCH: Tsikamutanda’s catch goblin live on cam

    1433 shares
    Share 573 Tweet 358
  • Deputy Chief Secretary in the Office of the President daughter d!es in a road traffic accident

    1058 shares
    Share 423 Tweet 265
  • Mpofu tears Tshabangu recalls apart

    972 shares
    Share 389 Tweet 243
  • Shock as Roki sparks gay rumours

    980 shares
    Share 392 Tweet 245

POPULAR STORIES

  • “Zimbabwe Is Discrediting SADC”

    ZANU PF Accused Of Bribing SADC Elders To Retain From Losing Power

    4814 shares
    Share 1926 Tweet 1204
  • Secret message for ED after his inauguration

    3289 shares
    Share 1316 Tweet 822
  • Thokozani Khupe Battling Cancer

    2602 shares
    Share 1041 Tweet 651
  • Video Reveals Juliet Kadungure’s Final Moments Amidst Tragic Bus Accident…VIDEO

    2480 shares
    Share 992 Tweet 620
  • {WATCH}: Moyo Tlof Tlof Video Breaks The Internet

    2210 shares
    Share 884 Tweet 553

POPULAR STORIESTODAY

  • Heavenly moment ends in hell as man loses U$500 to thigh vendors

    Heavenly moment ends in hell as man loses U$500 to thigh vendors

    793 shares
    Share 317 Tweet 198
  • X users blast ED’s spokesman after attacking SABC

    772 shares
    Share 309 Tweet 193
  • Chiwenga to testify on December 7 in ex-wife’s attempted murder trial

    670 shares
    Share 268 Tweet 168
  • Cute Lady Turns Guys On With Her Simple Beauty

    670 shares
    Share 268 Tweet 168
  • Online Nurses recruitment scrapped

    625 shares
    Share 250 Tweet 156

LATESTNEWS

Icy storms in Ukraine claims 10 people

Icy storms in Ukraine claims 10 people

by Mercy Muyambo
November 28, 2023
0
1.4k

Ten people have d!ed in Ukraine as icy storms of snow and rain swept in from the Black Sea, crippling...

Farmers urged to plant short season seed varieties

Farmers urged to plant short season seed varieties

by Tatenda Ndlovu
November 28, 2023
0
1.4k

As the dry spell continues and the cropping season is progressing, farmers across the country should now focus on planting...

Where there is will there is always a way: Security guard now a qualified nurse

Where there is will there is always a way: Security guard now a qualified nurse

by Tatenda Ndlovu
November 28, 2023
0
1.5k

Last week a determined Nefutara Kanjunjuma completed a transition when he graduated as a qualified State Registered Nurse (RGN), following...

Kasukuwere’s lawyer summoned for disciplinary committee by Zanu PF

Kasukuwere’s lawyer summoned for disciplinary committee by Zanu PF

by Tatenda Ndlovu
November 28, 2023
0
1.5k

Former cabinet Minister Saviour Kasukuwere's spokesperson Jacqueline Sande, a lawyer who represented Saviour Kasukuwere in his legal challenge against his...

News Report Zimbabwe

Copyright © 2023 News Report Zimbabwe

News That Matters

  • News
  • Crime and Courts
  • Elections 2023
  • Celebrity
  • Horror and Disaster
  • Politics
  • Sports
  • Breaking News
  • Mjolo
  • Business
  • Entertainment
  • Health and Diseases
  • Religion
  • Technology
  • Vacancies

Follow Us

No Result
View All Result
  • News
  • Crime and Courts
  • Elections 2023
  • Celebrity
  • Horror and Disaster
  • Politics
  • Sports
  • Breaking News
  • Mjolo
  • Business
  • Entertainment
  • Health and Diseases
  • Religion
  • Technology
  • Vacancies

Copyright © 2023 News Report Zimbabwe