Thousands of Zimbabweans have been left fuming after being swindled out of their hard-earned money by an alleged online Ponzi scheme operated by a Chinese national.
Victims invested in E-Creator, an online investment company that promised mouth-watering returns in a short space of time. But the dream turned into a nightmare when the firm’s founder, Zhao Jiaotong, suddenly vanished with more than US$1 million belonging to the investors.
In a sh0cking announcement, E-Creator told clients that Jiaotong had fled the country and the company has been forced to close.
Frantic victims said they struggled to withdraw their funds in the weeks before the sudden collapse, with E-Creator blaming “upgrades” at the time.
Jiaotong mocked his victims by posting on Twitter from Beijing that he was now safely in China while they counted their losses.
Police say they are investigating but have not arrested Jiaotong. Top cop Assistant Commissioner Paul Nyathi said he was still gathering information.
The scam artist had lured victims in with promises of dividends of up to 200% if they paid between US$15 to US$500 to join the scheme at different levels.
Commentator Effie Ncube blamed the economic crisis, saying poverty was pushing desperate Zimbabweans into “get rich quick” schemes with little due diligence.
This is the latest in a string of Ponzi scams that have duped victims out of thousands of dollars in the last year alone. Some families lost their homes and cars after investing life savings on the schemes spread on WhatsApp.
