EcoCash warns of fake Ponzi schemes

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Mobile money wallet EcoCash has issued a warning against fake Ponzi schemes robbing people of their money through investments.

Ponzi schemes have been operating on the market taking large investments from the public while promising high premium profits in a short period of time.

Most of the founders have disappeared with huge volumes without any trace , living investors counting their losses.

In a notice EcoCash said , “ Beware of FAKE investment schemes operating in the market. Some of them are offering unbelievable returns.”

“All deposit-taking institutions and investment schemes must be licensed by regulatory authorities and have an obligation to display their licenses to the public.”

” Make sure to verify and confirm that you are dealing with a licensed institution before parting with your HARD EARNED money.”

The Reserve Bank of Zimbabwe issued that all institutions offering financial services must be issued with licences before operations commence adding that entities involved in Ponzi and Pyramid schemes were carrying out banking activities in breach of the Banking Act (Chapter 24:20) and Section 5 of the Banking Act.

Over the past months police have issued a manhunt of various Ponzi scheme operators.

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