More Details Emerge On E-Creator Formation Amidst US$1 Million Ponzi Scheme Loss
The Zimbabwe Republic Police (ZRP) on Friday confirmed the arrest of Trymore Tapfumanei, one of the directors of E-Creator, a Ponzi scheme that resulted in many Zimbabweans losing a total of US$1 million. Police stated that Tapfumanei was arrested for fraud involving the E-Creator and that he is one of the directors of E-Creator.
Police arrested Zhao Jiaotong, the E-Creator Kingpin, on July 13, 2023. Zhao Jiaotong appeared before Harare magistrate Mrs Marehwanazvo Gofa on Friday and was remanded in custody until Monday for his bail application.
What transpired?
According to the court, in January of this year, Zhao conceived a plan for an online investment Ponzi scheme called E-Creator. In February, he, along with Trymore Tapfumaneyi, Justin Kuchekenya, Bily Thomas Syedou, Abraham Mutambu, and others who are still at large, registered the company with the Zimbabwean Registrar of Companies under the name E-Creator Electronic Commence Private Limited. The company was launched as an online e-commerce operator, and between February and July, Zhao misrepresented to unsuspecting people that they would enjoy huge monthly profits if they invested with the company.
Many people across the country invested up to US$1,000 through EcoCash numbers supplied on the platform by Zhao. To make the company more attractive, Zhao used the media, including national television broadcaster ZTV, and social media influencers such as Tarisai Cleopatra Munetsiwa (Madam Boss) and Admire Mushambi (Mama Vee), to advertise the company’s business on their social media platforms to gain more subscribers. The company also employed various agents in major towns throughout the country to market the business.
On July 3, some of the complainants encountered challenges in accessing their funds and approached the company for clarifications. Mutambu assured them that the system upgrade was preventing them from accessing the funds and that the situation would normalize in due course. However, on July 5, the complainants discovered that E-Creator Electronic Commerce (Private) Limited had sent a notice on its website stating that it was no longer operating. Zhao’s passport-size photo was posted on the website with a message that he had taken the complainants’ money and fled to China.
The complainants also visited Zhao’s known offices at Joina City and found that they had been permanently closed, and there were no signs of business operations. Moreover, they received information that Zhao had withdrawn the money and fled. The complainants suffered an actual prejudice of around US$1 million, and nothing has been recovered.
