E-creator: Unmasking Zimbabwe’s Sophisticated Ponzi Scheme
In a shocking development, E-creator, a self-styled global e-commerce company, has been exposed as a sophisticated Ponzi scheme in Zimbabwe. This revelation follows in the wake of the notorious MMM scheme, underscoring the vulnerability of investors to such fraudulent practices.
The Anatomy of Deception
E-creator, masterfully masquerading as a legitimate business venture, successfully lured investors with enticing promises of high returns. The scheme was strategically structured with varying participant levels: investors at the bottom, facilitators such as EcoCash agents in the middle, and the masterminds, Thomas and Zhao, at the helm. The intricate network of participants was built on the bedrock of mainstream media exposure, which lent a veneer of credibility to the venture and enabled a steady influx of investors. The scheme’s unique modus operandi involved fake product reviews on online stores, a practice that slipped past regulatory radar unscathed.
A Tech-Enabled Pyramid
The E-creator operation was orchestrated by Thomas, who resided abroad, and coordinated by Zhao on the ground in Zimbabwe. The duo utilized simboxes equipped with multiple Econet sim cards to manage transactions. They exploited the anonymity of cryptocurrency to siphon off funds, effectively evading detection by authorities. The scheme’s operational model encouraged investors to open branches across the country, further expanding…