Scores were left to count their losses after investing their hard-earned money into a scheme run by music promoter Taona Oswald Chipunza aka Teemak which crushed in June.
People from the United States, Germany, Malaysia, United Arab Emirates, South Africa and China, cabinet ministers, ordinary people, high net worth earners, church leaders had invested in Teemak’s investment scam and have made police reports in their various jurisdiction hoping to attract the attention of Interpol.
Teemak who is reported to owe close to 250 000 has said his investment scheme was not a scam when he told his investors that:
This project has successfully paid out over US$50,000 since its inception, it is unfortunate that we ran into some challenges which have taken longer than we anticipated to resolve. There’s a lot going on behind the scenes and all I ask is your cooperation so we make this work for all. Certainly all will be paid
A lady by the name of Rumbidzai Mhizha who claims she also lost money in the scheme said it was not a ponzi scheme but just a project that went wrong:
First of it was not a Ponzi scheme because trading actually happened and the accounts are there to show that. This was a project that completely went wrongMy job was only to process bit coin transactions in and out of the system. The money that was collected was to keep on trying to make this particular project work and it didn’t collapse. Maybe it collapsed end of June. The organization is not mine, it’s Teemak’s. The only difference between me and all the other investors is that I chose to help with everything I had and all I could to make this work and I’m still trying to do what I can to help pay back. Currently there are no investments being collected,
When this programme started, we all thought kuti (that) TC had money, my role was to receive money and convert it to bit coin. I was under the impression that he had the money, because prior to the project being started we had processed payments worth thousands for him. Things just changed after June when communication became difficult and people in the project needed to be paid and there was no feedback from TC. So I even took it upon myself to pay clients out of my own personal funds in hope that he would step up eventually and send me the money he had traded to send back to the people, which clearly didn’t happen
Another victim identified as Gamu that spoke to the publication based in German reportedly said:
After end of July he just became evasive. He mooted his telegram groups. After two weeks he made an apology and said he would give us our money but no money came. He gave us a document to sign that contract was breached again.
Teemak became popular for signing Enzo Ishall when he left Passion Java’s record label sometime early this year.
More: ZimMorning Post