Ponzi scheme founders denied bail

THREE founders of E-Creator, a Ponzi scheme which recently fleeced several people of large sums of money after luring them into joining the scam couched as an investment have been denied bail and remanded in custody to August 24.

Zhao Jiaotong, Trymore Tapfumaneyi and Justin Kuchekenya, who are facing money laundering and fraud charges, were denied bail by magistrate Marehwanazvo Gofa who ruled that they were a flight risk.

The court also heard that police had not yet concluded their investigations as more victims were coming up.

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