They say experience is the best teacher, but the Shona also have a proverb which says kwadzinorohwa matumbu ndiko kwadzinomhanyira (meaning people have a tendency of rushing back to a place of discomfort).
The Shona adage appears to be in tandem with one Munashe Pepukai’s experiences.
Munashe Pepukai 24 (not his real name), is among thousands of Zimbabweans who fallen prey to Ponzi schemes, as they search for survival in an unforgiving economic environment marked by 90% unemployment and the world’s highest inflation rate.
What makes the situation poignant is that most Zimbabweans have not yet completely recovered from the economic ravages brought by the Covid-19 pandemic.
Some of the most popular Ponzi schemes that have defrauded locals millions of dollars are Bitcoin Interchange Zimbabwe, Delight Credit, MMM, Elamante Global, Manifest Global Marketing, Crypto Shares, Mudzimai Akarongeka, KDW Investments, Crystal Shares, May Investments and Beyond Credit.
These pyramid schemes left many Zimbabweans in tears as they vanished into thin air with millions of dollars. Pepukai is one of the many who lost money to one of these fraudulent schemes.
Pepukai seems not to have learnt from his previous experience as he joined E-Creator, an online pyramid scheme which required “investors” to invest money and get lucrative profits within a short space of time. Those who joined the scheme made payments via the Ecocash Platform.
In July this year, the scheme vanished with over one million US Dollars, leaving many Zimbabweans wailing.
The unemployed Pepukai lost US$200 to the scheme.
“With the way it was publicized l never thought it will close,” said the dejected Pepukai. It had become my industry because I’m not employed.”
He said the economic hardships prompted him to join these schemes.
“I never joined E-creator and other Ponzi schemes by choice,” he said. “The situation at home forced me.”
According to the Zimbabwe Republic Police (ZRP), at least ten thousand Zimbabweans lost US$30 million to pyramid schemes in 2021 at the height of the Covid 19 pandemic
E-creator is said to be founded by a Chinese national Zhao Jiaotong who was yesterday arrested for fraud.
However, many of his victims are doubting if they are to recover their monies.
“Yes he was arrested but not sure if we are to get back our funds,” said one E-creator victim only identified as Lennox.
Ponzi Schemes are a global phenomenon which resulted in many being defrauded of their hard earned currency.