14 February 2019

Zimbabwe: Bank Loses Over $400k to Ex-Employee

First Capital Bank Limited allegedly lost over USD$400 000 to a former employee, a Harare magistrate heard on Monday.

Bangiso Tafirei (30) was employed as a cashier at the bank's non-governmental organisations branch.

The branch is a specifically instituted cash out point for NGOs.

He allegedly withdrew $455 680.

Tafirei, on the other charge, allegedly connived with his brother and another accomplice to steal $621 289 hard cash from the bank after exchanging it with RTGS.

The money would then be traded on the black market.

Tafirei appeared before magistrate Mrs Rumbidzai Mugwagwa, charged with fraud or alternatively theft and another additional charge of money laundering.

He was released on $1 000 bail and ordered to report twice a week to the police and to surrender his passport.

Tafirei was represented by Mr Jonathan Samukange.

According to the State, the bank's NGO branch is a specifically instituted cash out point which pays salaries to those working for NGOs in US dollars.

It is the State's case that between August and December last year, Tafirei hatched a plan to defraud his employer.i

He approached various account holders who transferred money through Zipit into First Capital Bank accounts.

Once the money was transferred into First Capital Bank, Tafirei would misrepresent that the accounts were foreign currency accounts entitled to withdraw hard currency in United States dollars, the State alleged.

The offence came to light when the bank did a reconciliation.

It showed the amounts deposited were being surpassed by amounts withdrawn.

During the same period, Tafirei allegedly received $621 289 through RTGS from accounts belonging to his brother and another alleged accomplice held at other banks.

It is alleged he would transfer the money into various First Capital Bank accounts before withdrawing hard cash in United States dollars.

He went on to give the money to his alleged accomplices to trade at the black market.

Investigations revealed that part of the proceeds were used to buy a truck.

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