Beware of investment scams operating via EcoCash

“Cash Base Investors” is a group that has been making off with people’s money. The group asks people to send them money over EcoCash promising them a 100% payback within 5 days. From what we have been hearing there is no minimum entry amount or an outline of what the investment is.

The lack of an investment portfolio or licence is an obvious red flag that should deter most people. However, we have had a torrid year and any means of increasing income is a welcome event. Organisations like Cash Base Investors are praying upon the desperation in the country to meet their own ends.

Unfortunately, Cash Base Investors aren’t the only group making off with people’s hard-earned money. There is another group called “Case Base Circle” that is also running amuck. Unlike Cash Base Investors this group reportedly promises 200% within 4 days for a minimum EcoCash deposit of ZWL$2000. Again there is little mention of what the investment actually is and many people have lost money to this group.

Investment scams have been a persistent problem for EcoCash

Fraudsters have been running investment scams using EcoCash for quite some time now. In late August EcoCash warned subscribers of a number of organisations that were using their platform to defraud them of their money. Earlier this week the mobile money operator sent out a notice to its clients again warning of investment scams.

As EcoCash says in the message above before you part with your money make sure whatever organisation you are dealing with is registered. The company should have their licence displayed, which you can then verify with the relevant authorities. The Reserve Bank of Zimbabwe is probably the best place to start because, under the Banking Act Chapter 24:20, all entities offering financial services are under the purview of the Reserve Bank.