Published: 2 hours ago

A key figure in the collapsed Beven Capital Ponzi scheme has been arrested in the United Arab Emirates (UAE) and extradited to Zimbabwe to face multiple fraud charges, the National Prosecuting Authority (NPA) announced on Thursday.

Shepherd Chibaya (36), identified as one of the scheme's founders, is accused of masterminding elaborate scams that preyed on desperate investors who had already lost money in the Beven Capital collapse.

The investment company lured thousands of Zimbabweans with promises of 50% returns within six weeks before it collapsed, leaving investors in financial ruin. Instead of helping victims, Chibaya allegedly assumed false identities, including that of a medical doctor at Parirenyatwa and Parktown Hospitals, and claimed to have insider links to the fund's managers. His alleged deception won him the role of chairperson of a group of defrauded investors — whom he then targeted for further scams.

According to the NPA, Chibaya faces several charges of fraud. In one case, he allegedly defrauded a female investor of nearly US$98,000 by fabricating stories about taxes, police bribes, and legal fees. He is further accused of faking his own arrest, impersonating a police officer, and even pretending to be dead. A stolen Samsung S20 cellphone was also reportedly traced to him.

In another instance, Chibaya allegedly swindled a complainant of US$850, claiming it was needed to pay "tax fees" for the release of Beven Capital funds. He also reportedly conned a third investor of US$2,000 after promising to recover a US$30,000 investment, allegedly presenting himself as a doctor "on duty" when collecting the cash.

After years on the run, Chibaya was tracked down by Interpol in the UAE and handed over to Zimbabwean authorities. He has since appeared in court and was remanded in custody pending trial.

The NPA said the case highlights its determination to combat financial crimes and protect the public from fraudsters exploiting vulnerable communities.
- zimlive

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