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Freeman Razemba Crime Reporter
The founder of an online Ponzi scheme called E-Creator, Zhao Jiaotong (39) in which hundreds of people lost over US$1 million in the pyramid scheme has been arrested.
The suspect, who is now facing fraud charges, vanished with US$1 million.
National police spokesperson Assistant Commissioner Paul Nyathi confirmed the arrest.
“The Zimbabwe Republic Police confirms the arrest of Zhao Jiaotong aged 39 in connection with a case of fraud in which unsuspecting members of the public were duped through E-Creator ponzi scheme. The Zimbabwe Republic Police is inviting members of the public who might have been duped through E-Creator to report at any nearest police station.
“We continue to implore members of the public to exercise due diligence before making any payments to ponzi or pyramid schemes purportedly offering quick investment returns,” he said.
Hundreds of people, including small businesspersons and individuals, who invested their money in an online pyramid scheme, recently lost all they scraped together as the massive Ponzi scheme gone bust in Zimbabwe.
Online Reporter