John Ndlovu
The long arm of the law has caught up with E-Creator boss and founder Zhao Jiatong who duped Zimbabweans millions of United States dollars with his ponzi scheme.
The Zimbabwe Republic Police National spokesperson Assistant Commissioner Paul Nyathi, confirmed the development in a statement released on Thursday.
Inspector Nyathi urged members of the public who have fallen victim to this scheme to report to any nearest Police Station.
“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 to any nearest Police Station.” Insp Nyathi said.
The 39 year old Chinese international made waves on social media in the past days for his scheme as many Zimbabweans across the nation fell victim to the scheme after they failed to withdraw their money online and Jiaotong was alleged to have made escape plans to his native land after duping many of millions of dollars in his scheme.
A Ponzi scheme refers to fraudulent operation where an operator pays off gains to investors from their own pockets rather than from profits accumulated.
Ass. Commissioner Nyathi further implored the public to exercise diligence before parting with their hard earned cash to ponzi or pyramid schemes to avoid being duped.
“We continue to implore members of the public to exercise due diligence before making any payments to ponzi or pyramid schemes purportedly offering offering quick investment returns.”He added.
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