E-CREATOR Ponzi scheme boss, Zhao Jiaotong appeared at the Harare Magistrates Court yesterday facing charges of money laundering and fraud.
Jiaotong (39) appeared before magistrate Marehwanazvo Gofa, who remanded him in custody to Monday for bail application.
Jiaotong’s accomplices, Trymore Tapfumaneyi, Justin Kuchekenya and Abraham Mutambu are already in police custody and are expected today in court, while an Ivory Coast national Billy Thomas Syedou is on the run.
Allegations are that sometime in January 2023, Jiaotong hatched a plan to defraud unsuspecting Zimbabwean nationals in a Ponzi scheme.
It is alleged that on February 7, Jiaotong connived with Tapfumaneyi, Kuchekenya, Syedou and Mutambu and registered a company called E-Creator.
They went on to launch the company as an online e-commerce operator with the global internet as its domain.
Between February 2023 and July 2023, they misrepresented to unsuspecting Zimbabwean nationals that if they invested with the company, they would enjoy huge monthly profits depending on the amount invested.
Unsuspecting Zimbabweans from across the country joined the company and invested up to US$1 million through various EcoCash numbers in search of quick riches.
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The bogus company used socialites such as Tarisai Cleopatra Munetsiwa, also known as Madam Boss, to attract more clients.
It is alleged that on July 3, some of the complainants encountered challenges in accessing their funds and approached the company for an explanation.
Mutambu assured the complainants that there was a system upgrade affecting access to their funds.
However, two days later, the complainants were shocked to learn that E-Creator had announced on their website that it was no longer operating.
The company notice said Jiatong had fled the country with their money.
The complainants were prejudiced US$1 million and nothing was recovered.
