Man in Court for $120 Million Fraud and Money Laundering Scheme Involving Zimbabwe Manpower Development Fund

A 43-year-old Amos Chisvo appeared in Harare yesterday, facing charges of fraud and money laundering after allegedly defrauding the Zimbabwe Manpower Development Fund (ZIMDEF) of a staggering $120 million. The court proceedings, presided over by magistrate Taurai Manuwere, saw Chisvo remanded in custody with a bail application set for April 24.

According to the prosecutor, Mr. Lancelot Mutsokoti, the elaborate scheme unfolded between December 1 and December 29, 2022. Chisvo, together with six already arrested accomplices, reportedly hacked ZIMDEF’s computer system, gaining unauthorized access to the organization’s bank accounts at ZB Bank. Utilizing the Zeepay Zimswitch System, the group is accused of funneling $50 million into a CBZ Bank account held by Atrier Engineering, an entity linked to his accomplices.

Further allegations include the transfer of $20 million into a fraudulently registered NBS Bank account owned by Newplaces Pvt Limited and $30 million into Tavaka Holdings’ account. The funds were reportedly converted into U.S. currency on the black market and used to purchase various goods.

The fraud came to light on December 28, 2022, following a tip-off from a whistleblower. The case has shocked the community and highlighted vulnerabilities in financial systems, prompting calls for heightened security measures.