The low cost messenger service company had earlier this year entered into a agreement with Caps and were set to back the company with $850,000.
But according to the Bulawayo24 website, the deal is off now after Caps chief executive area Joe Makuvire failed to account for $6,500 during a trip to Malawi with the team.
Zing, meanwhile, have issued the following statement, according to H-Metro: "Zing in the beginning of this year entered into a relationship with Caps United Football club to sponsor and help restructure the management of the team in order to help spear head them towards a shared vision.
"For reasons best known to Caps United and Zing, both parties have agreed to suspend this working relationship for the time being.
"However, Zing's invested interest in soccer and sports in general remains firm since we believe in developing talent and sports for both players and supporters alike".