Get Rich Quick Scheme Ends Badly For Car Dealer As He Loses US$80k In Ponzi Scam
A Borrowdale-based car dealer’s desire to get rich quickly backfired when he reportedly lost US$80,000 to a con man running a Ponzi scam under the cover of Homelife Furniture and Electrical Appliances Company.
Emmanuel Chikweza, who is being accused alongside his company, appeared before Harare magistrate Dennis Mangosi and was remanded till today for a bail application.
Chikweza and his business were prosecuted for defrauding Brighton Ushendibaba.
According to the allegations, Chikweza lied to Ushendibaba that he would earn US$25 000 per month in profits if he invested US$80 000 sometime in January of this year.
Ushendibaba, who had invested $80,000, felt he had been taken advantage of when Chikweza broke his commitment and started to be evasive.
Ushendibaba reported the matter to the police, leading to Chikweza’s arrest.
Investigations revealed that Chikweza never invested the money and lacked capacity to pay the amounts as initially promised.
