Music promoter and dodgy businessman Teemak real name Taona Oswald Chipunza is on the run after swindling Zimbabweans in the diaspora of their hard-earned money through a now collapsed Ponzi Scheme.
The 23-year-old wannabe celebrity is reported to have swindled dozens of Zimbabweans living in the diaspora after claiming to run his own licensed hedge fund.
Teemak lured unsuspecting Zimbabweans into investing in his Maximus Capital and its subsidiary Max Harvest, by promising them guaranteed quick returns.
The fund is reported to have become insolvent and is not able to meet its liabilities to investors.
The alleged fraudster‘s victims are based in Germany, the United States, Australia, Malaysia, China, South Africa, and the United Arab Emirates while most of them are professionals who left Zimbabwe for greener pastures.
According to iHarare, the victims have since formed a Telegram group to combine efforts to bring the self-proclaimed millionaire to book.
He is reported to have responded to the allegations by assuring the victims that they would get their investments.
“This project has successfully paid out over US$50,000 since its inception, it is unfortunate that we ran into some challenges which have taken longer than we anticipated to resolve.
“There’s a lot going on behind the scenes and all I ask is your cooperation, so we make this work for all. Certainly, all will be paid,”
Teemak’s alleged accomplice who used to collect the funds, Rumbidzai Mhizha is reported to have posted a message in the Telegram group:
“The organisation is not mine, its Teemak’s. The only difference between me and all the other investors is that I chose to help with everything I had and I’m still trying to do what I can to help payback.
“For now, our priority will be to try and pay back the capital not all at once but gradually until we are presented with other opportunities to do more than that,”
Other investors were duped into keeping their funds with Teemak’s scheme at maturity as they were promised high returns for reinvesting. One investor is reported to have lost as much as R200,000 and has been failing to track Teemak.
Teemak, who claimed to be a high earning forex trader, heralded himself into the public scene after signing top dancehall chanter Enzo Ishall and paying his termination clause with Chillspot Records.
He was reported to be a Malaysia based businessman who was expanding his interests by moving into entertainment and music promotion. After failing to establish himself as musicians ‘bosses’ he decided to try it himself and released his first music video Songs of love.
Watch his video below:
Teemak On The Run After Duping Diaspora Investors Through Ponzi Scheme