AFRICAN Businesswomen Association (ABWA) CEO, Shamiso Fred, has been charged with fraud after allegedly running a Ponzi scheme disguised as a private voluntary organisation.
The charges relate to an egg production and dairy farming investment scheme, which Fred touted on social media platforms in 2021.
The victims were asked to pay US$39 to join, with further investments of up to US$2 000 required to secure a slot in egg or dairy production.
Fred said investors could expect to receive between US$250 and US$450 per month as a profit share. Sixteen people invested a total of US$196 553 and £2 072.
Only three received a part of the profit totalling US$19 005.
Fred appeared before Harare regional magistrate Marewanazvo Gofa and was granted US$500 bail.
She was ordered to surrender her passport and to report once a fortnight at CID CCD.
Anesu Chirenje appeared for the State.