‘US$3 Million in 3 Months’: Harare Businessman Scammed Out of US$20,000 in Bogus Investment Scheme
A Harare businessman reportedly lost US$20,000 after falling victim to a fraudulent investment scheme that promised multi-million-dollar returns.
Also Read: Three Zimbabweans Arrested in India for US$127K Cyber Fraud Involving Kola Nut
Investment Scheme Promised US$3 Million Return
According to The Herald, two men — George Masvipe and Pascal Magama — approached Mwahowa with a supposed high-yield investment opportunity involving a company named Needflow Capital (Pvt) Ltd.
Masvipe allegedly promised that if Mwahowa invested US$20,000, his company would receive US$3 million within three months.
Standby Letter of Credit Used to Lure Victim
Masvipe is said to have claimed that the investment was for a Standby Letter of Credit (SBLC) — an international payment guarantee issued by banks — which Needflow Capital needed to trade on the international market.
He further stated that the company expected to generate US$26 million from the transaction, of which Terraworld would receive US$3 million.
Magama was introduced as the person responsible for processing the investment. He went on to sign a Deed of Agreement
No Returns, No Refund — Just a Paper Trail
Believing the deal to be genuine, Mwahowa handed over the funds. However, after the promised returns failed to materialise, he realised he had been duped and reported the matter to the police.
Netizens Question How a Business Leader Fell for Such a Scam
The incident sparked widespread reactions on social media, with many users expressing disbelief over how a company director could fall for such an unrealistic promise.
Several questioned the logic of expecting US$3 million in just three months from a US$20,000 investment, calling it a clear red flag.
Others criticised the victim’s business judgment, suggesting that someone in a leadership position should have been more cautious and financially savvy before committing to the scheme.
@Stanmabuka;
The scammers must come back again saying: Good news Mr Mahwowa, your payment has been processed. Please send US$5000 to enable access to your $33m????
@contyhwax;
This person should be blacklisted as a director of any company . He can’t be a principal agent of any business within his mind
@VMusinachirevo;
He deserves it even a gonlin can not multiply 20 000usd to 3 million in three months akakaura.
@ChatsMorris;
Vanhu vakatomboendao kuchikoro kunze uko hre? What kind of investment gives you more than 500% profit in 3 months ????
@dysonchivasa;
But Director havadiwo kumbonyambudzigwa here nemukamasani coz kupusa rudzii uku 20k to 3m on a legit deal
even ana Guzman i dont think vaiita ma margins akadaro
Audrey L Ncube
Audrey Lee-Ann Ncube is a multilingual writer and reviewer extraordinaire. By day she works as a writer for iHarare.com, crafting creative and engaging content that captivates readers across Zimbabwe. By night, Audrey can be found with her nose in a book, devouring the latest novel or delving into a classic. Whether it’s the latest gadgets, films or books, there’s no review Audrey can’t tackle.
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Audrey L Ncube
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