BUSINESSWOMAN and entrepreneur Shami Fred, who presented herself to police following word that she was being sought, appeared before a Harare Magistrate Court on Thursday and was immediately granted bail.
Fred is facing a charge of fraud involving US$196,553 and 2,072 pounds which she has been fighting for close to a year now.
The 41-year-old was released on bail after appearing in a Harare court on fraud charges.
Fred is the CEO of African Businesswoman Association (ABWA), a private voluntary organization that specializes in egg production and dairy farming.
She is accused of duping 16 investors out of $196,553 and 2,072 pounds by promising them lucrative returns on their investments.
Prosecutors said Fred advertised on various social media platforms in 2021, inviting clients to pay a non-refundable joining fee of $39 and invest $1,000 for a slot in egg production or $2,000 for a slot in dairy farming.
She allegedly told them they would receive $250 per month in egg production or $450 per month in dairy farming.
However, only three of the 16 investors received partial payments totaling $19,005, while the rest received nothing, prosecutors said. The investors reported Fred to the police, leading to her arrest.
The investors are self-employed individuals from Zimbabwe, South Africa, the United Kingdom and Wales, ranging in age from 35 to 67.