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The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) has warned the public to be wary of fraudulent activities in the financial services sector after pyramid schemes left several people counting their losses.

Following the e-creator scandal that has left many Zimbabweans counting their losses, the FIU has released a statement urging the public to be wary of fraudulent activities in the financial services sector.

The FIU has urged the public to be on high alert when making any form of financial transactions.

The public has also been advised to shun transactions involving unregistered institutions or traders, as well as schemes on social media platforms.

The warning from the FIU comes on the back of an online pyramid scheme known as E-Creator that rocked the nation last week.

The Zimbabwe Republic Police (ZRP) has since arrested the chief suspect, Zhao Jiaotong who has since appeared in court and charged with fraud.