Zim authorities go hard on E-creator Ponzi scheme

In a significant move to combat fraudulent financial schemes, Zimbabwean authorities have taken decisive action against the notorious E-Creator Ponzi scheme.

The founder, Zhao Jiaotong, a Chinese national, along with one of its directors, Zimbabwean Trymore Tapfumaneyi, were apprehended by law enforcement officials following an extensive investigation into the illicit activities of the scheme.

The E-Creator Ponzi scheme had gained notoriety in recent months, enticing unsuspecting individuals with promises of quick and exorbitant returns on their investments.

Operating primarily through online platforms, the fraudulent scheme attracted a large number of investors, many of whom were enticed by the false allure of easy wealth.

Zhao Jiaotong, the mastermind behind the E-Creator Ponzi scheme, was apprehended in a joint operation by the Zimbabwe Republic Police and the Zimbabwe Anti-Corruption Commission.

Zhao was arrested last week and appears at b the Harare Magistrate Court and his lawyers admit to the crimes committed by their client.

The Chinese national’s arrest marks a significant breakthrough in the fight against financial fraud, particularly within the digital space.

Authorities have been working tirelessly to dismantle the operations of the scheme and bring its perpetrators to justice.

Accompanying Zhao Jiaotong’s one on the directors Trymore Tapfumaneyi, a Zimbabwean national who served as one of the directors of the fraudulent scheme was arrested last week.

Tapfumaneyi’s involvement in the E-Creator Ponzi scheme highlights the need for collaboration and accountability in investigating and prosecuting individuals complicit in such illegal activities.

It is alleged that Jiaotong, Tapfumaneyi and their accomplices – Justin Kuchekenya, Billy Thomas Syedou, Abraham Mutambu and others who are still at large – registered E-Creator Economic Commerce Private Limited in January this year.

Two socialites Tyra ‘Madam Boss’ Chikocho and Admire Mushambi known as Mama Vee during a court proceeding were named as players in popularising the E-Creator Ponzi scheme whose subscribers were duped of over US$1 million.

Law enforcement agencies, upon making the arrests, seized substantial amounts of evidence, including financial records, electronic devices, and other materials relevant to the ongoing investigation.

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