By A Correspondent | Bulawayo, Zimbabwe — A Bulawayo couple accused of exploiting a technical glitch at Stanbic Bank Zimbabwe to allegedly spend over US$30,000 both in Zimbabwe and South Africa will learn their fate today as the court delivers its verdict.
Frank Sibanda (65) and his wife, Fransisca Netsai Sibanda (65), of Pelandaba suburb, appeared before Bulawayo regional magistrate Mrs. Dambudzo Malunga, facing 47 counts of theft. The couple, currently out on US$500 bail each, has maintained their innocence, claiming they believed the funds were deposited by their daughter, Rudo Sibanda, who resides in Harare.
The State closed its case after calling two witnesses to testify against the couple. As part of their bail conditions, the Sibandas were required to surrender their passports, report twice a week at Bulawayo Central Police Station, and remain at their registered address.
How the Alleged Fraud Unfolded
According to prosecutor Mr. Owen Mugari, the saga began on February 5 last year when Fransisca opened a Silver banking segment account at Stanbic Bank’s Joshua Nkomo Street branch. Her daughter, Rudo, had allegedly falsely declared that her mother was an employee of her Harare-based company, Cominergy Construction Mining Energy, to facilitate the account opening.
Fransisca was subsequently issued a Visa chip-and-PIN card for transactions. The alleged fraudulent activity started on April 5 when Fransisca attempted a US$17.95 purchase at National Foods Bulawayo using a Steward Bank point-of-sale (POS) machine. When the transaction failed, Steward Bank initiated a standard reversal process through ZimSwitch.
However, due to a technical error, the reversal was processed with a grossly overstated amount of ZWG579,116.21, which was mistakenly auto-converted and credited into Fransisca’s Stanbic US dollar account. This unexpected windfall resulted in a deposit of US$40,850.86.
Forensic Audit Exposes Discrepancy
The alleged misuse of funds came to light following a routine forensic audit by Stanbic Bank, which revealed significant discrepancies in its financial records. The audit findings prompted an investigation that led to the couple’s arrest.
While the prosecution argued that the Sibandas knowingly exploited the glitch, the defense maintained that they had no reason to suspect the funds did not originate from their daughter.
A Community Holds Its Breath
The case has captured public attention, with many eagerly awaiting the court’s ruling. A guilty verdict could lead to severe legal consequences for the elderly couple, while an acquittal would raise questions about the bank’s internal controls and oversight mechanisms.
The verdict is expected to set a precedent in Zimbabwean legal circles, particularly concerning cases involving financial institutions and technical errors.
Stay tuned for live updates as this story develops.