Zimbabwe's President Robert Mugabe says his government's crackdown on fraudsters, some of whom have already been arrested, is just the start of an all-out drive against all economic offenders, media reported at the weekend.

Referring to the arrests of a top official from the ruling party as well as several businessmen accused of involvement in a 61-billion-dollar fraud, Mugabe said: "We are not finished yet, this is just the beginning".

"We will get them all," he said, speaking in the Shona language on Thursday at a function at his old school in Zvimba, a rural district 80 km west of the capital.

The speech was aired on state television at the weekend.

Phillip Chiyangwa, a legislator, who is also chairperson of the ruling Zimbabwe African National Union-Patriotic Front (Zanu-PF) party in Mashonaland West province, was arrested last week as part of investigations into an asset management company.

Chiyangwa is also a high-flying businessman. A magistrate's court has turned down Chiyangwa's application to be freed from police holding cells on remand.

The High Court was expected to make a ruling on an urgent application by Chiyangwa's lawyers seeking his release.

Chiyangwa's lawyers had earlier alleged that his arrest was linked to a row among ruling party officials over who will succeed Mugabe.

He was arrested for allegedly hiding evidence in a bid to protect the top management of the ENG asset management company, accused of defrauding investors.

In their investigations, police say they seized 30 luxury vehicles, including an off-road Porsche, which the state-run Herald newspaper said was believed to be one of only three in Africa.

Most of the cars are top-of-the-range BMWs and Mercedes Benz. – Sapa-AFP.