News / National
Car dealer conned US$80k in another Ponzi scheme
19 Jul 2023 at 01:42hrs | Views
A BORROWDALE-BASED car dealer reportedly lost US$80 000 to a con-artist operating a Ponzi scheme disguised as Homelife Furniture and Electrical Appliances Company.
Emmanuel Chikweza, who is being charged together with his company, appeared before Harare magistrate Dennis Mangosi and was remanded to today for bail application.
Chikweza and his company were dragged to court for defrauding Brighton Ushendibaba.
Allegations are that sometime in January this year, Chikweza misrepresented to Ushendibaba that if he invested US$80 000, Ushendibaba would receive US$25 000 in monthly profits.
Chikweza failed to honour his promise and Ushendibaba, who had invested US$80 000, realised that he had been duped when Chikweza became evasive.
Ushendibaba reported the matter to the police, leading to Chikweza's arrest.
Investigations revealed that Chikweza never invested the money and lacked capacity to pay the amounts as initially promised.
Emmanuel Chikweza, who is being charged together with his company, appeared before Harare magistrate Dennis Mangosi and was remanded to today for bail application.
Chikweza and his company were dragged to court for defrauding Brighton Ushendibaba.
Allegations are that sometime in January this year, Chikweza misrepresented to Ushendibaba that if he invested US$80 000, Ushendibaba would receive US$25 000 in monthly profits.
Chikweza failed to honour his promise and Ushendibaba, who had invested US$80 000, realised that he had been duped when Chikweza became evasive.
Ushendibaba reported the matter to the police, leading to Chikweza's arrest.
Investigations revealed that Chikweza never invested the money and lacked capacity to pay the amounts as initially promised.
Source - newsday
