Police arrest man for Ponzi fraud

Harare (New Ziana) – Police on Thursday arrested a Chinese national in connection with a case of fraud in which unsuspecting members of the public were duped through the E-creator Ponzi scheme.

National police spokesperson Paul Nyathi confirmed the arrest of Zhao Jiaotong, 39, and urged members of the public who might have been duped to report to the nearest police station.

“We continue to implore the public to exercise due diligence before making any payments to Ponzi or pyramid schemes purportedly offering quick investment returns,” he said.

E-creator Zimbabwe reportedly scammed people of up to US$1 million in just a couple of months of operation from April to July.

It came with up with various monetary investment packages that yielded high returns quickly.

However, at the beginning of July, E-creator failed to honor withdrawals, leading to its collapse.

Scores of investors are believed to have lost their hard-earned cash in the scheme.

New Ziana