The alleged mastermind behind the E-Creator Ponzi scheme that scammed Zimbabweans out of $1 million appeared in court yesterday.
Zhao Jiaotong, 39, was charged with fraud and money laundering. He was remanded in custody until Monday for a bail application.
Jiaotong is accused of hatching a plan in January to defraud unsuspecting Zimbabweans. He allegedly teamed up with several accomplices – Trymore Tapfumaneyi, Justin Kuchekenya, Abraham Mutambu and an Ivory Coast national Billy Thomas Syedou who is still at large.
They registered E-Creator company in February, portraying it as an online e-commerce operator. They then lied to Zimbabweans, promising huge monthly profits if they invested.
The bogus company used socialites such as Tarisai Cleopatra Munetsiwa, also known as Madam Boss, to attract more clients. Gullible investors poured up $1 million into the scam.
Qn July 3, investors encountered difficulties accessing their funds. Mutambu blamed system issues but two days later E-Creator announced on its website that it had ceased operations.
Jiaotong now faces the music in court while his alleged accomplices are also in or being sought by police. The case has sparked anger at the targeting of Zimbabweans by such online scams.
