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State opposes bail for Harare man involved in US$80,000 Ponzi Scheme swindle”

HARARE – The State vehemently opposed granting bail to Emmanuel Chikweza, a Harare man who fell victim to a con-artist operating a Ponzi Scheme under the guise of Homelife Furniture and Electrical Appliance Company. Both Chikweza and his company are facing charges in connection to the fraud.

Prosecutor Mr. Anesu Chirenje argued that the public must be protected from such Ponzi Scheme fraudsters. He also brought to the court’s attention that Chikweza had attempted to tamper with a witness, making him an unsuitable candidate for bail.

Mr. Chirenje further emphasized that the State possesses substantial evidence against the accused, making it necessary to keep him in custody. Due to Chikweza’s financial means, there is a fear that he may flee the jurisdiction if granted bail.

The case revolves around a complainant, Mr. Brighton Ushendibaba. In January 2023, Chikweza approached Mr. Ushendibaba, offering the opportunity to invest US$80,000 in his company, with the promise of receiving monthly profits of US$25,000. Lured by the prospect of significant returns, Mr. Ushendibaba decided to invest the amount.

However, after repeatedly seeking the promised monthly profit and initial capital from March onwards, Mr. Ushendibaba realized he had been deceived. He promptly filed a police report.

Subsequent investigations revealed that Chikweza never invested the money as promised and lacked the capacity to fulfill his commitments. As a result, Mr. Ushendibaba suffered a total loss of US$80,000, with no recovery made.

The case is now before Harare magistrate Mr. Dennis Mangosi, who has deferred the matter for ruling until today.