President Emmerson Mnangagwa says he has got a list of individuals and companies who moved the money illegally into safe havens outside the country.
Mnangagwa warned that he was ready to name and shame the culprits if they don't respond to the 90 days ultimatum which expires in March next year.
During his address to members of the Zanu PF Central Committee on the eve of party's Congress, the President castigated all those involved in corrupt activities saying graft had negative effects on the economy.
"In this regard, let us shun corruption within the party and all spheres of public life in the nation. Corrupt tendencies that have gripped our nation will not and cannot be allowed to continue. We can never in all our clear conscience ever condone corruption or ignore it.
We must deal with corruption within the party and all spheres of public life and businesses. Former Tanzanian president, the late Julius Mwalimu Nyerere, once said; 'Widespread corruption in high places breeds poverty.' It is time we shun corruption and fight this evil until it is eradicated from our society," said Mnangagwa on Thursday.
He added, "I have said that under my administration we have given three months to all those who externalised money to return it within 90 days. I have a list of those who took the money. I did not say that without knowledge; let me warn them that by end of March, if they fail to return it, I will name and shame them."
Mnangagwa announced last month that individuals and companies who had externalised funds should return the loot within three months.
"Those affected are thus encouraged to take advantage of the three-month moratorium to return the illegally externalized funds and assets in order to avert the pain and ignominy of being visited by the long arm of the law," Mnangagwa said in November soon after his inauguration at the National Sports Stadium.
Mnangagwa took power from his predecessor Robert Mugabe last month after a coup in which the army said it was "targeting criminal elements around him" (Mugabe).
To date, only known Generation 40 members have been arrested under "Operation Restore legacy" and are out on bail awaiting trial.
These are Former finance minister Ignatius Chombo who is on $5000 bail, former youth leader in the ruling party Kudzanayi Chipanga and Youth Commissar Innocent Hamandishe.
G40 is a faction that was fighting against the Mnangagwa crew in the succession war. Mnangagwa and the army claim that Mugabe had been captured by the G40.
According to Reserve Bank of Zimbabwe deputy governor, Khuphukile Mlambo, the money held by Zimbabweans in offshore accounts rose to $1 billion last year.
In 2015, Zimbabwe lost $1, 8 billion in illegal financial flows.