A socialite, music promoter and entrepreneur living in the lap of luxury has seemingly gone into hiding after he was fingered as the alleged mastermind behind a Ponzi scheme that saw a string of investors from around the world duped out of millions.

Tawona Ozwell Chipunza, who goes by “Teemak”, and became known for his flashy cars and propensity to dress in only white — apparently to signify his wealth — is now the subject of a criminal investigation...