Residents lose fortunes in ‘money making scheme’

MUTARE – Hundreds of people yesterday picketed at a local financial institution, Capital Base Savings and Credit Co-operative Society (CBSCCS), demanding monies they invested, amid fears it could have gone broke.

Report by Obey Manayiti Staff Reporter

CBSCCS invited people to invest their money in return for 15% interest monthly for a six-month investment. Since Monday, CBSCCS clients have been milling around the company’s premises demanding audience from directors whom they accused of having swindled their investments.

Police in Mutare are said to have instituted investigations into the matter, but efforts to confirm this were unsuccessful yesterday.

“This money has been my family’s source of income.

“I deposited $20 000 and I was supposed to get the interest last week. Up to now I don’t know if I will get it.

“I sold our family house and I don’t know what to do now. I will leave this office after I get all my money,” said Tafadzwa Chirenje, one of the people whose money has allegedly disappeared.

Another one, Stewart Makore added: “I deposited $1 000 which I had borrowed from a bank.

“Now that the institution is broke, it is hard for me to get money to repay the loan. At this point, the government should help us recover our money.”

Several others called on police to establish what had happened with the money.

However, speaking through her lawyer, who requested not to be named for fear of reprisals from angry clients, CBSCCS director Solomy Kambunda called for calm and assured the investors that the matter was under control.

On Tuesday afternoon, Kambunda addressed hundreds of clients at Capital Base premises where she apologised and dispelled
allegations that the institution was in the red.


She said the delays in payment of interest to clients were a result of the institution’s computer upgrading system.

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8 Comments

  1. Maiwee tochema!! Mutare yanga yanaka wani. Heish it’s only when the tide goes out that you learn who’s been swimming naked!!!

    1. At least it was b4 bonus otherwise there wasnt goin to be an Xmas in Mutare!!

  2. I hope the financial institution will complete its systems upgrading exercise in due course. The organisation is engaging in philanthropic activities through empowering thousands of orphans and widows through financing education and micro-lending respectively. This is unprecedented considering that it is a recently established business and a relatively small entity. I would like to see their good deeds go higher to the next level and wish them well during this difficult time. Thank you director for assuring investors that their investments are safe.

  3. Traditional financial institution are the best , people dont learn and u cant make millions in a day if its too good to be true dont. You must have a base of building a ur finances grow gradually…….shame sorry to the people who lost their monies

  4. We kno Capita Base from quit a number of angle. Personally if no other spots are hidden these ppl are quit helpful in our society. i think it’s only today tht things ‘ve gone wrong for them. wait guys we are going to get our dues.

  5. People will never cease to amaze me. Where on earth do you get 15% per month on capital invested. Too greedy, manje madzipwa.

  6. Ray Mpofu and Nkwenuzi, are you sure you have not heard about Ponzi schemes before? What happens is that no money is invested at all. The interest is paid by new investments coming in. but sooner or later the whole pyramid collapses if the new investments dwindle.

    Hakuna Bank rinobhadara 15% per month musanyeperwe. The norm is may be 5% pa gore not pamwedzi.

    Google Bennie Madorff and learn. Next time hamupe matsotsi mari. Just think of it kuti vano investor kupi kusingazivikanwe nema bank makuru

  7. well those who think they can get away with such misplaced ideas should count themselves out of luck cause we are coming for them, indeed as a society we have different ways to deal with funny people; directors shall be directed to dark places!

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