ZANU PF Party Institutions and the E-Creator Ponzi Scheme: Analyzing the Facilitating Factors

Zimbabwe recently witnessed the collapse of yet another massive Ponzi scheme called E-Creator, which left hundreds of people, including small businesspersons and individuals, devastated after losing their hard-earned money. The role of the ruling party, ZANU PF, and its institutions in facilitating the creation and promotion of this fraudulent scheme is a topic of concern. Despite controlling the ZBC broadcaster, which allowed E-Creator to be promoted, the party has denied any involvement. This article aims to analyze the possible role of ZANU PF party institutions in the E-Creator Ponzi scheme.

The Nature of the E-Creator Ponzi Scheme

E-Creator was an online Ponzi scheme that promised high monthly returns to investors, relying on a classic pyramid structure. Participants were required to invest varying amounts of money, with the promise of substantial profits in return. The scheme operated through EcoCash accounts, which added a layer of complexity to the investigation. Ultimately, the scheme collapsed when the founder, Zhao Jiaotong, allegedly fled with over US$1 million, leaving many investors empty-handed.

ZANU PF Party Institutions and the E-Creator Ponzi Scheme

1. Promotion on ZBC Broadcaster

One aspect that raises questions about the role of ZANU PF is the promotion of E-Creator on the ZBC broadcaster. As the ruling party controls the channel, it is unlikely that such promotions could occur without their knowledge or tacit approval. The ZBC’s involvement in promoting a fraudulent scheme raises concerns about the integrity of the party’s institutions and their commitment to protecting the public from financial scams.

2. Lack of Regulatory Oversight

Another issue that points to the potential involvement of ZANU PF party institutions is the lack of regulatory oversight and enforcement against Ponzi schemes. Zimbabwe has witnessed several instances of pyramid schemes defrauding citizens, with losses totaling millions of dollars. The failure to take strong action against such schemes suggests a lack of commitment to protecting the public and may indicate a lenient approach towards fraudulent activities.

3. Absence of Investor Protection Measures

The collapse of E-Creator highlights the absence of adequate investor protection measures in Zimbabwe. While Ponzi schemes are inherently fraudulent and illegal, it is the responsibility of the government and its institutions to protect citizens from such scams. The failure to prevent the proliferation of Ponzi schemes and to educate the public about the risks involved suggests a systemic problem within ZANU PF party institutions.

4. Alleged Involvement of Party Officials

Although the founder of E-Creator, Zhao Jiaotong, remains elusive and the scheme’s legitimacy is questionable, there are reports suggesting the involvement of ZANU PF party officials in the promotion of the scheme. Interviews conducted by individuals claiming to be associated with E-Creator, such as Justin Kuchekenya and Abraham Mutambu, raise suspicions about the knowledge and involvement of party members in the scheme. Further investigations are necessary to establish the extent of their involvement.

Conclusion

While concrete evidence linking ZANU PF party institutions to the creation and facilitation of the E-Creator Ponzi scheme is yet to emerge, there are indications that raise concerns about their role in promoting fraudulent activities. The promotion of the scheme on the ZBC broadcaster and the alleged involvement of party officials suggest a level of complicity that cannot be ignored. To protect the public and restore trust, it is imperative that authorities thoroughly investigate the matter and take appropriate action against those responsible. Additionally, stronger regulations and investor protection measures need to be implemented to prevent future Ponzi schemes from exploiting vulnerable individuals and damaging Zimbabwe’s economy.- State Media/Additional