Investigations into the E-Creator Ponzi scheme, which allegedly defrauded thousands of Zimbabweans of over US$1 million, have concluded.
Prosecutor Tambudzai Masamvi informed Magistrate Marewanazvo Gofa that they are now ready to set a trial date for the suspects involved.
According to court documents, Zhao launched the online investment Ponzi scheme, e-Creator, in January 2023. On February 7, 2021, in collaboration with co-defendants Tapfumaneyi, Kuchekenya, Bily Thomas Syedou, Abraham Mutambu, and Jiatong, Zhao registered a company named E-Creator Electronic Commerce Private Limited with the Zimbabwean Registrar of Companies. The company’s offices were located on the 10th floor of the Joina City Building in Harare.
The court heard that Zimbabweans invested nearly US$1 million through various Ecocash numbers provided by the accused. The suspects also recruited agents across major towns and cities to promote the business.
ALSO READ:FC Wangu Mazodze Makes Waves by Hiring Youngest Assistant Team Manager Ever
In early July 2023, many investors reported difficulties accessing their funds and sought clarification from the company. Accused individual Abraham Mutambu assured them it was merely a system upgrade preventing access and that the issue would soon be resolved. However, on July 5, investors were alarmed to find a notice on the company’s website announcing its closure.
The notice implicated Zhao Jiatong, identifying him as the individual who absconded with the funds and fled to China. When investors visited the company’s offices, they found them permanently closed, with no signs of business activity. Reports indicated that the accused had withdrawn the money and disappeared.
As a result of the accused’s actions, the complainants suffered a total loss of US$1 million, and no funds have been recovered.
