Nqobizwe Thebe
Shepherd Chibaya, a 36-year-old Zimbabwean national and reputed founder of the Beven Capital Ponzi scheme, was apprehended in the United Arab Emirates and extradited to Zimbabwe, where he now faces multiple charges of fraud, impersonation, and theft by deception.
The Zimbabwe National Prosecuting Authority announced his arrest on August 21, 2025, as part of ongoing efforts to combat organized financial crime.
According to prosecutorial authorities, the Beven Capital scheme enticed members of the public by promising “50% returns in six weeks before vanishing with their money.” Rather than assisting investors in recovering their funds, the accused is alleged to have exploited them further by posing as a medical doctor at Parirenyatwa and Parktown hospitals, and by claiming to have insider connections within the scheme’s upper management.
“Instead of helping investors recover their losses, the accused person allegedly exploited them further by posing as a medical doctor,” states the official news bulletin issued by the prosecution. Through these alleged acts, Chibaya reportedly assumed the position of chairman in the fraudulent organization.
Court documents detail specific incidents dating back to 2020, where Chibaya reportedly conned a female investor of nearly US$98,000. In this case, he fabricated stories regarding tax obligations, police involvement, and legal fees in an attempt to delay her access to her lost funds. The accused further escalated his impersonation schemes, reportedly posing as a police officer and later pretending to be deceased, with the theft of a Samsung S20 cellphone ultimately traced back to him.
In 2021, the prosecution alleges that a second complainant was defrauded of US$850 after being compelled to pay so-called “tax fees” for the supposed release of Beven Capital funds. Another reported incident in 2020 saw Chibaya allegedly fleece a third investor of just over US$2,000, with empty promises of recovering US$3,000 invested in the scheme. In this instance, the accused is said to have posed as a doctor performing collection calls, evading authorities until eventually being “tracked down by Interpol in the UAE and handed over to Zimbabwean authorities,” according to the bulletin.
Chibaya’s arrest and extradition mark a significant development in Zimbabwe’s battle against complex financial crimes. The National Prosecuting Authority emphasized their commitment to “combating crime and corruption,” noting that Chibaya remains in remand pending trial. The case has drawn attention both locally and internationally, especially in light of the alleged use of impersonation and deception to perpetrate financial fraud.
