Story by Fungai Jachi
THE suspected mastermind of the E-Creator online Ponzi scheme scandal, Zhao Jiaotong and his two accomplices’ bid for freedom flopped after their bail application was dismissed by the Harare magistrates court this Friday.
In her ruling, Harare magistrate Mrs Marehwanazvo Gofa said the trio is a flight risk and cannot be trusted with freedom pending trial.
Investigations established that Zhao Jiaotong, Justin Kuchekenya and Trymore Tapfumaneyi allegedly defrauded unsuspecting investors of around US$1,000,000.
The magistrate said the suspects are facing a serious offence which might induce them to flee the country.
The court heard that sometime in January this year, Jiaotong hatched a plan to defraud unsuspecting Zimbabwean nationals through an online Ponzi scheme.
The court heard that Jiaotong went on to launch the company as a global online e-commerce operator.
Several people invested large sums of money only to be left counting their losses after it emerged that the scheme was a scam.
