Pyramid scheme

  • Top Stories

    Zimbabweans lose US$32 million to pyramid schemes

    AT LEAST 10 000 people who fell prey to fly-by-night pyramid schemes within the last year have filed police reports across the country after being swindled of over US$30 million by scammers, who snatched the cash and skipped the border. Gullibility has seen families selling houses, vehicles and other properties to invest in pyramid schemes, an old trick used by…

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  • Courts and Law

    Grandpa (73) kidnaps Ponzi scheme cashier, extorts US$120,000 at gunpoint

    A 73-year-old man reportedly kidnapped and extorted US$120 000 from a cashier who was employed by a Ponzi scheme firm in Borrowdale, Harare. Ackim Hunda was not asked to plead when he appeared before Harare Magistrate Judith Taruvinga charged with kidnapping and extortion. He is alleged to have kidnapped Patricia Kuzomba and Marufu Chipondoro from Mabvuku at gun point and…

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  • Local

    Pyramid scheme collapses, angry loss-makers threaten to kidnap kid

    FACED with financial hardships and an insatiable appetite for quick profits, thousands of Rusape and Nyanga residents are sinking their money into pyramid schemes, amid promises of high returns, only to be left in worse financial positions as the schemes collapse. The money spinning schemes are spreading like wildfire across the province and leaving a trail of crushed spirits. Following…

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