Harare | Shamiso Fred, the founder of the CONTROVESIAL African Business Women Association (ABWA), is accused of stealing about $1 million, according to ZiMetro News crimes and court editor.
Fred made an appearance in court on Thursday.
Fred faces charges of luring more than 2000 individuals who deposited a minimum of US$1,036 apiece in exchange for 22 monthly shares of at least US$250, depending on the investment, through the use of a trust, a private voluntary organization, and many businesses operating under ABWA.
According to allegations, the founder of ABWA persuaded each investor that the funds would be utilised for the acquisition, raising, and marketing of livestock, with a monthly share dividend coming from the sales of the cattle.
According to additional allegations, Fred began operating illegally and beyond the private voluntary organization’s (PVO) terms after registering.
She was given a $500 US bond and told to turn in her passport.
Next month, she will appear in court again.
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