Online Reporter
Fidelis Munyoro
Chief Court Writer
THE law has finally caught up with Shepherd Chibaya, a man accused of orchestrating the infamous Beven Capital Ponzi scheme.
After years on the run, Chibaya (36), was extradited from the United Arab Emirates (UAE) and is now facing multiple charges, including fraud, theft by deception, and impersonation.
Prosecutors allege that Chibaya, one of the masterminds behind the fraudulent investment scheme, swindled numerous victims out of their hard-earned money before fleeing the country.
He was apprehended in the UAE through international cooperation with Interpol and handed over to Zimbabwean authorities. Chibaya has since been remanded in custody, awaiting trial, and faces the possibility of a lengthy prison sentence if convicted.
“Shepherd Chibaya, a 36-year-old Zimbabwean national and alleged mastermind behind the notorious Beven Capital Ponzi Scheme, has been captured in the United Arab Emirates (UAE) and extradited to Zimbabwe,” announced the prosecution on their news channel.
“Now back on home soil, he stands accused of weaving an elaborate web of fraud, impersonation, and theft by deception, leaving a trail of financial ruin in his wake.”
The Beven Capital scam, which collapsed spectacularly, allegedly lured unsuspecting investors with promises of extraordinary 50 percent returns within just six weeks.
Instead of delivering on these promises, the scheme’s operators disappeared with millions of dollars, leaving investors devastated.
However, Chibaya’s alleged exploits did not end there. Authorities claim he re-emerged to exploit victims further, this time posing as a medical doctor at Parirenyatwa and Parktown Hospitals.
Leveraging his fabricated credentials, he allegedly convinced victims that he had insider access to recover their lost investments.
He even became chairman of a group representing defrauded investors, reportedly using his lies to gain their trust.
One of the most elaborate scams attributed to Chibaya occurred between 2020 and 2021, during which he allegedly defrauded a female investor of US$98 000.
Prosecutors say he fabricated stories about taxes, bribes, and legal fees to justify the payments.
Chibaya is also accused of faking his own arrest, impersonating a police officer, and even staging his own death to evade detection.
Further charges reveal a pattern of deception. In 2021, Chibaya allegedly defrauded another victim of US$850 under the guise of “tax fees.”
In a separate incident, he reportedly promised to help a victim recover a US$30 000 investment but swindled them out of US$2 000 while pretending to be “on duty” as a doctor.
A stolen Samsung S20 cell phone was also traced back to him, adding to the list of charges.
After years of evasion, Chibaya’s arrest marks a significant breakthrough in the case. Authorities believe his extradition and forthcoming trial will finally provide justice for the victims of the Beven Capital Ponzi scheme.
