HARARE – One of the suspects in the infamous US$1 million E-Creator Ponzi scheme saga, Trymore Tapfumaneyi is finally out of custody after he was granted bail by a Harare magistrate Donald Ndirowei.

Tapfumaneyi was granted US$1,000 bail.

The magistrate said full reasons will be made available in the written judgement.

Tapfumaneyi is jointly charged with the suspected kingpin, Zhao Jiatong and Justin Kuchekenya and another suspect who are still in custody.

His accomplices were set to make a fresh bail application on Friday after the initial request was dismissed by magistrate Marewanazvo Gofa in July last year.

The suspects are facing fraud involving US$1 million.

They are accused of swindling thousands of people in a botched investment deal, better known as E-Creator.

They are also facing money laundering charges.

Prosecutors allege the Chinese national fleeced unsuspecting clients through operating a fake investment project.

“Allegations are that in January this year, Jiatong hatched a plan to defraud unsuspecting Zimbabweans through an online investment Ponzi scheme.

“On 7 February, Jiaotong and his accomplices registered a company with the Zimbabwean Registrar of Companies, styled E-Creator Electronic Commerce [Private] Limited under company registration number 2853/23, with its office situated at room number 15 and 16, 10th Floor Joina City Building, Harare,” prosecutors alleged.

They went on to launch the company as an online e-commerce operator with a global internet as its core.

It is alleged that from February to July 2023, they misrepresented to unsuspecting Zimbabweans that if they invested with the company, they were going to enjoy huge monthly profits proportional to the amounts invested.

As such, many Zimbabweans joined and invested up to US$1 million in total through various Ecocash subscriber lines supplied on the platform by the suspect.

It is further alleged that to make the company more attractive and appealing to unsuspecting clients, Jiaotong used the media, including the national television broadcaster, ZTV, social media and popular Zimbabwean socialites namely Tarisai Cleopatra Munetsiwa also known as Madam Boss, and Admire Mushambi, better known as Mama Vee to advertise the business on their social media platforms.

They also employed various agents in major towns and cities throughout the country in order to market the business.

“On July 3, some of the complaints encountered challenges in accessing their funds and approached the company for clarification,” prosecutors said.

“One of the accused, Mutambu assured these complainants that it was a system upgrade that was affecting them from accessing their funds.

“He further advised them that the situation would normalise in due course.”

However, on 5 July 2023, the state says, complainants were shocked to realise that E-Creator Electronic Commerce [Private] Limited had actually sent a notice on their website that they were no-longer operating, and they posted the passport photo of accused Jiaotong as the one who had taken their investments and absconded to China.

Clients are said to have visited the investor’s offices to find directors having vacated the premises with nothing to suggest they were still continuing with operations.

It is also alleged clients were also informed that Jiaotong had withdrawn their investments and fled.

As a result of his actions, prosecutors allege, clients suffered an actual prejudice of US$1 million and nothing was recovered.