Ponzi Scheme Directly Controlled by Professor Welshman Ncube Faces Legal Challenges Amid AGM Announcement.
By Business Reporter| Sithule Tshuma, a key operator in a Ponzi scheme directly controlled by Professor Welshman Ncube, has announced an Annual General Meeting (AGM) for a subgroup involved in this fraudulent operation, known as Woodville. This announcement comes amid ongoing legal turmoil, with over 27 investors having already secured quick-refunds through multiple court verdicts between Zimbabwe and the UK.
Was it voluntary work when you @Welshman_Ncube popped up representing Sithule Tshuma at Bulawayo Central Police Station?(When Ezra Sibanda reported Sithule Tshuma for cyber bullying, you went to Bulawayo Central Police Station to put a statement with the cops investigating the… https://t.co/8FBIlBDbE3
— ZimEye (@ZimEye) March 20, 2024
Professor Welshman Ncube exerts comprehensive control over this scheme at three critical levels: he is the legal representative for both the scheme’s founders and the defrauded victims, and he oversees his publicist, Jimmy Chasafara, a principal accomplice in the scam. The scheme has been a lucrative fraud, deceptively raising over USD 25 million by predominantly selling agricultural land to unsuspecting diaspora women with false promises of converting these lands into residential plots.
The scheduled AGM, set for June 1, 2024, at the Holiday Inn on Minerton Drive, Bulawayo, at 09:00 hours, is seen as a strategic move by Tshuma to potentially deflect responsibility. The announced agenda “to map a way forward with TCI” has intensified concerns among investors about a possible ploy to transfer liability to another entity, risking their ability to claim rightful refunds.
Legal experts are advising investors to skip the AGM and instead take direct action by formally demanding their refunds in writing, emphasizing the established fraudulent nature of the scheme. This case continues to unfold, with ongoing coverage and detailed analysis available on the ZimEye news network, shedding light on the ramifications for Professor Ncube’s political influence and the affected members of the diaspora.- ZimEye