50 LOSE US$800K IN PYRAMID SCAM

MORE than 50 people have been left counting their losses after they were allegedly swindled of more than US$800 000 in a pyramid scheme rip-off.

The investors lost the money to Bitcoin Interchange Zimbabwe Private Limited in a pyramid scheme scam.

The suspect Paradzai Muchenga appeared in court facing charges of fraud and contravening the Banking Act.

It is alleged that the complainants invested various amounts of money with one complainant investing more than US$200 000.

The court heard that the accused failed to remit the earned profits as promised and became evasive before the matter was reported to the police.

Muchenga is expected back in court on August 30 for trial.

This comes hardly a year after more than 10 000 people fell victim to fly-by-night pyramid schemes with in excess of US$30 million going down the drain.

Lack of caution has seen families selling houses, vehicles and other properties to invest in pyramid schemes, an old trick used by fraudsters as far back as the 1920s. ZBC

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