The Zimbabwe Republic Police has apprehended Zhao Jiaotong, a Chinese national in connection with a large-scale fraud case involving the notorious E-Creator pyramid scheme.
Numerous unsuspecting Zimbabweans fell victim to the scheme, losing thousands of dollars in the process.
In a statement, the ZRP confirmed the arrest of 39-year-old Jiaotong suspected to be the mastermind behind the dubious scheme which enticed individuals with promises of significant financial gains in a short span of time.
“The Zimbabwe Republic Police confirms the arrest of Zhao Jiaotong (39) in connection with a case of Fraud in which unsuspecting members of the public were duped through E-Creator ponzi scheme. The Zimbabwe Republic Police is inviting members of the public who might have been duped through E creator to report at any nearest Police Station,” read the statement
The police further implored members of the public to exercise due diligence before engaging in any financial transactions
“We continue to implore members of the public to exercise due diligence before making any payments to ponzi or pyramid schemes purportedly offering quick investment returns,” said the ZRP
Ponzi and pyramid schemes are notorious for enticing individuals with promises of high returns on investment, but their sustainability relies on recruiting new participants to pay off existing members.
Once the recruitment slows down, the pyramid collapses, and the majority of participants end up losing their money.
The E-Creator scheme is no exception, as it lured Zimbabweans into investing their hard-earned savings with false promises of substantial profits.
