The Zimbabwe Republic Police has arrested Zhao Jiaotong (39), a Chinese national, on charges of defrauding the public through an elaborate Ponzi scheme called E-Creator.
The scheme targeted unsuspecting individuals who were lured by promises of quick and substantial investment returns.
With this recent development, authorities are urging anyone who may have been duped through E-Creator to come forward and report their experiences at the nearest police station.
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Below is the statement from ZRP.
ARREST OF A CHINESE NATIONAL FOR DUPING THE PUBLIC THROUGH E- CREATOR PONZI SCHEME:
The Zimbabwe Republic Police confirms the arrest of Zhao Jiaotong (39) in connection with a case of Fraud in which unsuspecting members of the public were duped through E-Creator Ponzi scheme.
The Zimbabwe Republic Police is inviting members of the public who might have been duped through E creator to report at any nearest Police Station.
We continue to implore members of the public to exercise due diligence before making any payments to Ponzi or pyramid schemes purportedly offering quick investment returns.
E-Creator Closes Down As Founder Zhao Jiaotong Flees With Cash, Leaves Zimbabweans In Tears
Recently, E-Creator released an official statement concerning its founder, Zhao Jiaotong. The statement alleged that Jiaotong had engaged in fraudulent activities, leading to the platform’s abrupt closure.According to the statement, Jiaotong withdrew funds from E-Creator using Ecocash agents located in Harare.
These funds were then transferred to his personal Ecocash account or acquired through deceptive means, exploiting unsuspecting E-Creator employees.
— Zimbabwe Republic Police (@PoliceZimbabwe) July 13, 2023
The cumulative impact of his actions resulted in staggering losses exceeding 1 million US dollars.
In light of Jiaotong’s intentions to depart from Zimbabwe, E-Creator made a heartfelt plea to the public for assistance in bringing him to justice.
They urged individuals to exercise vigilance at airports and along border roads, to prevent his escape.
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