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Walter Nyamukondiwa
Mashonaland West Bureau Chief
Kunaishe Madongorere of Morelife Zimbabwe, who was facing allegations of defrauding investors of nearly US$200 000 in a get-rich-quick scheme, has been found guilty on 131 counts of fraud.
Madongorere was fined US$500 and ordered to restitute all the complainants a total of US$197 300 by June 30, 2025.
His company, Morelife Zimbabwe, was also found guilty of contravening Section 6(1) of the Microfinance Act and Microfinance Act Amendment Number 6 of 2019 for operating a deposit-taking microfinance without being registered.
Allegations against Madongorere were that he advertised the potential for financial investment with high and quick returns on social media platforms, inviting people to invest their money in his scheme.
He promised them payouts with considerable interest after an agreed period.
The scheme worked well, but the demand for cash overwhelmed the company until Madongorere became evasive, prompting people to report the matter to the police, leading to his arrest.
Online Reporter