SEVERAL ZIMBABWEAN women have lost significant amounts of money to a company called QZ Asset Management after being scammed via a pyramid scheme.

The women were unable to withdraw their money from the company, run by female leaders, who have remained silent.

Victims have reported the case to police, but have yet to be compensated for their losses.

Many women invested thousands of US dollars, believing the scheme to be a safe investment opportunity with weekly returns, before being persuaded to also invest funds belonging to family and friends.

Some women are said to have invested between US$20 000 and US$30 000 and only realised that they could no longer withdraw their money in May.

Some of the cases were reported at Harare Central Police Station under different IR numbers.

For example, the case of victims who lost US$18 000, US$30 000 and US$2 100 was reported under IR 071019, while other cases were reported under IR 051599, IR 051600 and IR 051491.

“Most people who joined thought their investment was insured.

“You would be asked to recruit a person who invests a minimum of US$1 000 and you get a 10 percent commission. “But in a way, you were used to steal from your relatives, friends, workmates, church mates and neighbours,” said one victim.

She added:

“People are now in debt and struggling to feed their families, pay school fees, rent and other bills after investing in what they thought was a legitimate and secure investment.

“Creators of these pyramid schemes should be arrested because they leave people suffering after losing their hard-earned cash.”

She said the leaders of QZ Asset Management live in South Africa and initially paid their Zimbabwean representatives US$10 000, and between US$1 000 and US$4 000 a day for recruiting subscribers.

Another victim said they were hoodwinked into believing the initiative was genuine since it was being run by women.

“They used to have presentations at Batanai Gardens and on the 12th floor at Joina City.

“They lied to us that our cash was insured and that QZ Asset Management is audited by KPMG.

“Withdrawals suddenly stopped in April and they invited leaders of their Ponzi scheme from different countries on an all-expenses paid Boot Camp to fool people into thinking all was well.

“This made more people join the scheme as it looked on point,” said the woman.