Bulawayo – An elderly couple from Bulawayo are awaiting sentencing after being convicted of theft for exploiting a technical glitch at Stanbic Bank Zimbabwe and embarking on a lavish spending spree, embezzling over US$30,000.
Frank Sibanda and his wife, Francisca Netsai, both aged 65, were found guilty on 47 counts of theft by Bulawayo Regional Magistrate Mrs Dambudzo Malunga on Wednesday. Their sentencing, initially scheduled for March 17, has been further postponed by the court.
The couple took advantage of a technical error at Stanbic Bank, squandering funds that were erroneously deposited into Francisca’s account. They then embarked on a shopping spree that spanned both Zimbabwe and South Africa.
The incident came to light following a routine investigation by the bank’s forensic department, which uncovered discrepancies in the bank’s records, leading to the couple’s arrest.
The prosecutor, Mr Owen Mugari, told the court that on February 5 last year, Francisca opened a Silver Banking segment account at Stanbic Bank’s Joshua Nkomo Street branch in Bulawayo. This was allegedly facilitated by her daughter, Rudo Sibanda, who falsely claimed that her mother worked for her Harare-based company, Cominergy Construction Mining Energy.
“The first accused was then issued with a chip and PIN visa card, number 40691XXXX0711, to transact on her account. On April 5, Francisca made a POS purchase of US$17,95 via a Steward Bank ZiG POS machine at National Foods Bulawayo, and the transaction failed,” said Mr Mugari.
The court heard that as part of the normal interbank failed POS transaction settlement, Steward Bank processed the reversal through ZimSwitch with an overstated ZWG amount of 579,116.21, which was mistakenly auto-credited to Francisca’s US dollar account, resulting in a deposit of US$40,850.86.
Upon receiving the unexpected windfall, the Sibandas wasted no time in indulging themselves. The couple embarked on a spending spree both locally and across the border in South Africa, including visits to lavish food and beverage markets in the upmarket Sandton suburb. They also visited Maboneng Precinct in Johannesburg, a popular hub boasting a mix of restaurants, coffee shops, clothing boutiques, art galleries, retail outlets, and studios.
The bank later discovered the offence, establishing that between April 30 and May 1 last year, Francisca’s visa card made cash withdrawals of US$2,025 at Stanbic Bank in Bulawayo and several ATM and POS transactions amounting to US$32,085.47 in South Africa.
A report was subsequently made to the police, and investigations led to the couple’s arrest. The total amount stolen is US$34,110.47, and none of it has been recovered.
In mitigation, through their lawyer, Mr Jabulani Ndubiwa of Mashayamombe & Co. Attorneys, the Sibandas pleaded for leniency. Mr Ndubiwa told the court that the couple are primary caregivers to their grandchild. He also stated that Francisca is of ill-health.
“In considering the appropriate sentence, may the court consider passing a sentence that spares the accused hardship and a lengthy custody,” the lawyer submitted.
