A 36-year-old Zimbabwean man, Shepherd Chibaya, believed to be a key figure behind the infamous Beven Capital Ponzi scheme, has been extradited from the United Arab Emirates (UAE) and is now facing several serious criminal charges in Harare, including fraud, impersonation, and theft by deception.
Chibaya, who had evaded capture for years, was apprehended in the UAE following coordinated efforts involving Interpol and has since been placed in custody while awaiting trial.
Prosecutors say Beven Capital misled investors with offers of staggering returns—promising up to 50% profit in just six weeks. However, instead of delivering on those promises, the scheme collapsed and its operators disappeared, reportedly taking large sums of investor money with them.
Rather than disappear entirely, Chibaya is accused of reappearing under false identities, presenting himself as a doctor working at Parirenyatwa and Parktown hospitals. Authorities allege he used this disguise to gain victims’ trust and reinsert himself into circles of defrauded investors—eventually even becoming the self-appointed chairperson of a victims’ group by claiming insider access to the scheme’s leadership.
In one notable incident between 2020 and 2021, Chibaya is alleged to have defrauded a woman of US$98,000 by concocting elaborate lies involving supposed taxes, legal costs, and bribes.
Further charges include:
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Stealing a Samsung S20 cellphone.
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Defrauding another victim of US$850 under the pretense of “tax fees” in 2021.
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Convincing another investor to part with US$2,000 by promising assistance in recovering a US$30,000 loss, again pretending to be a medical doctor on duty.
Authorities say Chibaya went to great lengths to avoid arrest, including faking his own detention, impersonating law enforcement, and even staging his own death.
After being tracked down through international efforts, Chibaya was handed over to Zimbabwean law enforcement and is now held in custody. If convicted, he could face a lengthy prison sentence.
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