SO SAD: Another Ponzi scheme leaves hard-working Zimbos broke and struggling to feed their families


Several women have fallen victim to an alleged pyramid scheme operated by the company QZ Asset Management, losing thousands of dollars with no refunds.

The women complained that they were unable to withdraw their money from QZ Asset Management, whose leaders have remained silent. Victims have filed police reports but have yet to be compensated.

Some women invested between $20,000 and $30,000, believing the investment opportunity offered weekly returns. But in May, they realized they could no longer withdraw their money.

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Police reports were filed under various case numbers at Harare Central Police Station, with some women reporting losses of $18,000, $30,000 and $2,100.

One victim said most people joined thinking their investment was insured. She said people were recruited and offered a 10% commission to bring in investors who put in a minimum of $1,000.

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Victims said they were duped into thinking the initiative was legitimate since it was run by women. Presentations were held at locations like Batanai Gardens and Joina City.

Withdrawals reportedly stopped in April. QZ Asset Management then held a boot camp, seemingly to reassure investors. But this only led more people to invest, victims said.

The alleged scheme has left many women in debt, struggling to pay bills after losing their savings. Victims called for those responsible to be arrested

This comes after another Ponzi scheme duped thousands of Zimbabweans of their hard-earned cash.

In January, Chinese national Zhao Jiaotong hatched a plan for the online investment Ponzi scheme called e-creator.

He allegedly registered the company with 5 others still at large, including Trymore Tapfumanei.

Between February and July, Zhao misrepresented to people that if they invested, they’d enjoy huge monthly profits.

To attract investors, he used TV, social media and socialites like Madam Boss and Mama Vee to advertise. Agents were hired around the country.

But on July 3, some complainants struggled to access their funds. They were assured by Mutambu that it was due to a system upgrade.

However on July 5, complainants got a sh0ck when they saw a notice that E-Creator was no longer operating. Zhao’s photo was posted with a message he took the money and fled to China.

Offices were shut with no signs of business. It emerged Zhao had withdrawn the funds and done a runner.

Complainants lost around US$1 million. Zhao was arrested at Robert Mugabe International Airport while trying to flee Zimbabwe.

The cases highlight the dangers of online Ponzi schemes that promise high returns with little risk.

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