E-Creator Ponzi Scheme Trial Underway As Directors Plead Not Guilty to US$364K Fraud

Harare, Zimbabwe – The much-anticipated trial of the alleged masterminds behind the E-Creator Ponzi scheme, accused of defrauding unsuspecting individuals of over US$364,647, officially commenced yesterday. Jao Zhao Jiatong and William Chui, the directors implicated in the alleged scam, both entered pleas of not guilty to the fraud charges.

Jao, represented by his legal counsel Mr. Moffat Makuvatsine, and Chui, represented by Mr. Claude Bare, stand accused of orchestrating the elaborate scheme. The State has indicated its intention to call prominent witnesses, including popular socialite Cleopatra Tarisai Munetsiva, widely known as Madam Boss, and Admire Mushambi, also known as Mama Vee.

In his defense outline, Jao vehemently denied any involvement in the alleged fraudulent activities. He asserted that he never misrepresented himself as operating a profitable investment scheme or promising lucrative returns. Furthermore, Jao denied any participation in the formation or day-to-day operations of E-Creator Electronic Commerce (Private) Limited, the company at the heart of the allegations.

Jao attributed his alleged connection to the crime to a casual acquaintance with two individuals identified as Thomas and Billy. He claimed to have met Thomas at the airport in Zimbabwe, and their shared hotel accommodation led to a mere social friendship. Jao stated he had never met Billy and was unfamiliar with him until the charges arose, emphasizing that any sightings of him with Thomas were purely social and unrelated to criminal undertakings. He also highlighted his limited proficiency in English, stating he never communicated with any of the State witnesses. Jao, who has been in remand since 2023, expressed shock at his arrest, noting the absence of incriminating evidence on his person, phone, or elsewhere.

Similarly, William Chui maintained his innocence, denying all charges leveled against him.

Prosecutor Mr. Loveti Muringwa presented the State’s case, alleging that in 2023, Jiatong and Billy established the E-Creator Pyramid Scheme with the express intent to defraud unsuspecting members of the public. The accused reportedly misled complainants into believing that investing various amounts of money into the scheme would yield substantial profits. Transactions were facilitated through numerous EcoCash lines registered under the company’s name.

The State contends that Jiatong, Chui, and their accomplices were fully aware that the platform was fraudulent and incapable of generating any legitimate returns. Relying on these alleged false representations, complainants deposited various sums of money via EcoCash, subsequently incurring significant financial losses.

According to the State’s narrative, between late February and early March 2023, Jiatong and Thomas expressed interest in cryptocurrency trading to Nyasha Mudzamba, who then introduced them to Chui. Chui, who operates a digital marketing and cryptocurrency business, allegedly became involved in facilitating the purported scheme. The accused are alleged to have converted money deposited by complainants into cryptocurrency. At a later stage, Billy was reportedly introduced to conduct transactions on behalf of the accused when they were unavailable.

The court heard that large sums of money were withdrawn from EcoCash accounts, with approximately US$250,000 reportedly processed through an EcoCash agent owned by Blessing Julias, as part of the alleged scheme. The trial continues as the court seeks to uncover the full extent of the alleged fraudulent activities.