CRIME & COURTS

One Freed, Another Charged With Money Laundering in $4M Ecobank Heist

One Freed, Another Charged With Money Laundering in $4M Ecobank Heist – Two men arrested in connection with the high-profile US$4 million Ecobank cash-in-transit heist appeared at the Bulawayo Magistrates Court on Friday amid heavy police presence and growing public interest.

Initially arrested and charged with armed robbery, both men were expected to face formal charges before a magistrate in yesterday afternoon as reported by ZimLive.

However, following extended discussions between the Zimbabwe Republic Police and the National Prosecuting Authority (NPA), prosecutors decided to drop the armed robbery charges.

One of the suspects, whose name has not been disclosed, was released after appearing in court in leg irons.

The second suspect, identified as Sibonginkosi Sibanda, a 49-year-old resident of Cowdray Park and an employee of Safeguard Security, was formally charged with money laundering.

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According to court documents, prosecutors allege that Sibanda acquired substantial assets suspected to be proceeds of crime.

These include two residential properties in Cowdray Park, one in Mbundane, a Hino truck, a Honda Fit vehicle, and fencing for his homestead in Insiza, with expenditures totaling approximately US$7,600.

The NPA is currently probing the source of these funds.

The case has sparked debate over the handling of high-value theft cases in Zimbabwe, particularly regarding the intersection between private security and large cash movements.

Further investigations are ongoing, and more suspects may be implicated as the case develops.


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