September 17, 2021
Scam/Fraud

Zimbos lose US$5m in Ponzi scheme

BY EVANS MATHANDA

ZIMBABWEANS who invested more than US$5 million in a pyramid scheme in a bid to get rich quickly have been left counting their losses after the owner of the scheme failed to give them back their investments, claiming his bitcoin account had been locked.

The Crypto Share Investment Scheme was formed by Martin Mhlanga, a Zimbabwean based in South Africa.

According to the victims, the investors paid US$30 joining fee and US$300 initial instalment that was given to the one who had successfully brought a new investor.

A Zimbabwean woman based in South Africa who spoke to NewsDay on condition of anonymity, said she almost committed suicide on Wednesday after failing to receive her promised US$95 000 first payout.

“I am a Zimbabwean who is based in South Africa, I was supposed to get my first payout of the amount I invested in July, then I will be getting that same amount every month, but now Mhlanga is nowhere to…

Read full article here: www.newsday.co.zw