A man accused of masterminding one of the country's most notorious Ponzi schemes has been arrested in the United Arab Emirates and extradited to Harare to face a string of fraud charges.

Shepherd Chibaya (36) identified as one of the founders of the Beven Capital scheme appeared in court this week facing multiple counts of fraud impersonation and theft by deception.

Authorities allege that Beven Capital duped hundreds of investors by promising a 50% return on deposits within six weeks only to disappear with the money.

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But instead of helping victims recover their losses prosecutors say Chibaya went further, exploiting desperate investors by posing as a medical doctor at Parirenyatwa and Parktown Hospitals.

Investigators told the court that Chibaya claimed to have insider links with the scheme's management and convinced victims to pay him additional funds for "taxes", "police bribes" and "legal fees."

He allegedly faked his own arrest, impersonated a police officer and even staged his own death to avoid detection.

One complainant was defrauded of nearly US$98,000 between 2020 and 2021 after Chibaya spun elaborate tales to extract money with a stolen Samsung S20 cellphone later traced back to him.

In a separate case, another victim lost US$850 in 2021 after being told to pay "tax clearance fees" to unlock Beven Capital payouts.

A third investor reportedly lost US$2,000 after being promised recovery of a US$30,000 stake with Chibaya allegedly collecting the money while pretending to be "on duty" as a doctor.

After years on the run, Chibaya was tracked down in the UAE by Interpol and handed over to Zimbabwean authorities.

He has since been remanded in custody pending trial.