HARARE – A key figure in the Beven Capital Ponzi scheme has been arrested in the United Arab Emirates (UAE) and extradited to Zimbabwe to face fraud charges, the National Prosecuting Authority (NPA) said Thursday.
Shepherd Chibaya, 36, identified as one of the scheme’s founders, is accused of orchestrating elaborate scams that fleeced desperate investors who had already lost money to Beven Capital.
The company lured thousands of Zimbabweans with promises of 50% returns within six weeks before collapsing, leaving investors in financial ruin.
Instead of assisting victims, Chibaya allegedly posed as a medical doctor at Parirenyatwa and Parktown Hospitals, while claiming to have insider links to the fund’s managers.
His deception reportedly earned him the position of chairperson of a group of defrauded investors, whom he then targeted for fresh scams.
According to the NPA, Chibaya faces several counts. One of the cases is that of a female investor of nearly US$98,000 who was defrauded after Chibaya allegedly fabricated stories about taxes, police bribes and legal fees.
He is accused of faking his own arrest, impersonating a police officer and even pretending to be dead. A stolen Samsung S20 cellphone was also traced to him.
He allegedly swindled another complainant of US$850, claiming it was needed for “tax fees” to release Beven Capital funds.
Chibaya then reportedly conned a third investor of US$2,000 after promising to recover a US$30,000 investment. At the time, he allegedly presented 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 underscores its determination to combat financial crimes and protect the public from fraudsters exploiting vulnerable communities.
