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Zimbabwean ponzi scheme 'doctor' extradited from UAE
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A man accused of posing as a doctor and defrauding victims of a collapsed Ponzi scheme has appeared before the courts after being extradited from the United Arab Emirates following his arrest by Interpol.
Shepherd Chibaya was allegedly arrested in Abu Dhabi in August last year and brought back to Zimbabwe to face multiple fraud charges linked to the collapsed Berven Capital Ponzi scheme, where investors reportedly lost significant sums of money.
Chibaya appeared before magistrate Francis Mapfumo and pleaded not guilty. He is being represented by lawyer Admire Rubaya.
The accused is alleged to have exploited victims of the Ponzi scheme by falsely presenting himself as a fellow victim seeking to help others recover lost funds, while secretly defrauding them.
Court papers state that Chibaya allegedly formed and led a victims' group, positioning himself as chairperson in order to gain trust and access to vulnerable investors.
He is accused of defrauding three complainants - Mary Norah Chiweshe, Stanley Joy Mashiri and Saimon Tawanda Mtandwa - of more than US$105 000.
According to the State, the scheme collapsed in 2021 after investors were promised unusually high returns of 50% within six weeks.
Chibaya allegedly misrepresented to victims that he could recover their funds and demanded payments under the guise of processing fees and regulatory clearance costs.
One complainant, Chiweshe, told the court that she was misled into paying US$58 000 allegedly required for Zimbabwe Revenue Authority clearance of her supposed investment returns. She further alleged that she was later asked for additional payments, including US$13 000 allegedly required to secure release of funds from police custody, as well as further sums for legal fees and other fabricated charges.
The court heard that Chibaya allegedly used multiple WhatsApp identities to continue the deception, including impersonating a police officer to pressure victims into making further payments.
Mashiri and Mtandwa also testified that they made payments after being promised recovery of their lost investments, before the accused allegedly became evasive.
The matter came to light after Chibaya failed to appear in court, leading to the issuance of a warrant of arrest in March last year.
The case has been postponed to June 17 for continuation of trial proceedings.
The State is being represented by Heather Muokoto.
Shepherd Chibaya was allegedly arrested in Abu Dhabi in August last year and brought back to Zimbabwe to face multiple fraud charges linked to the collapsed Berven Capital Ponzi scheme, where investors reportedly lost significant sums of money.
Chibaya appeared before magistrate Francis Mapfumo and pleaded not guilty. He is being represented by lawyer Admire Rubaya.
The accused is alleged to have exploited victims of the Ponzi scheme by falsely presenting himself as a fellow victim seeking to help others recover lost funds, while secretly defrauding them.
Court papers state that Chibaya allegedly formed and led a victims' group, positioning himself as chairperson in order to gain trust and access to vulnerable investors.
He is accused of defrauding three complainants - Mary Norah Chiweshe, Stanley Joy Mashiri and Saimon Tawanda Mtandwa - of more than US$105 000.
According to the State, the scheme collapsed in 2021 after investors were promised unusually high returns of 50% within six weeks.
Chibaya allegedly misrepresented to victims that he could recover their funds and demanded payments under the guise of processing fees and regulatory clearance costs.
One complainant, Chiweshe, told the court that she was misled into paying US$58 000 allegedly required for Zimbabwe Revenue Authority clearance of her supposed investment returns. She further alleged that she was later asked for additional payments, including US$13 000 allegedly required to secure release of funds from police custody, as well as further sums for legal fees and other fabricated charges.
The court heard that Chibaya allegedly used multiple WhatsApp identities to continue the deception, including impersonating a police officer to pressure victims into making further payments.
Mashiri and Mtandwa also testified that they made payments after being promised recovery of their lost investments, before the accused allegedly became evasive.
The matter came to light after Chibaya failed to appear in court, leading to the issuance of a warrant of arrest in March last year.
The case has been postponed to June 17 for continuation of trial proceedings.
The State is being represented by Heather Muokoto.
Source - newsday
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