Ponzi Schemes Increasing - ZRP

Zimbabwe Republic Police has raised concern over the increased number of Ponzi Schemes and cyber fraud in Zimbabwe, the Chronicle reports.

ZRP National Spokesperson Assistant Commissioner Paul Nyathi said the rate at which the cases are being reported is alarming:

Cases of people being duped of their money are now rampant. This issue of cyber fraud is on the increase hence the need for people to be vigilant. An increasing number of people are losing their hard-earned money to these criminals,

He urged people to deal with established financial institutions as he said it will decrease their risk of being defrauded by fraudsters.

Last year scores of people lost money through various pyramid schemes that collapsed at various stages leaving people worse off after investing thousands of their hard-earned money into their schemes.

According to the publication, over 400 people in February besieged Mvuma Police Station demanding their money from a 60-year-old woman who initiated a pyramid scheme that collapsed and prejudiced them of more than US$80 000.

While scores are still to recover from their losses at the hands of Bevern Capital that duped people of more than 2 million USD.

More: Chronicle