The sentencing of a Bulawayo couple who exploited a technical error at Stanbic Bank Zimbabwe to embezzle over US$30,000 has been further postponed by the court.
Frank Sibanda and his wife, Francisca Netsai, both 65, took advantage of the bank’s glitch, spending the funds deposited into Francisca’s account on a shopping spree in Zimbabwe and South Africa.
The couple was convicted on 47 counts of theft by Bulawayo Regional Magistrate Mrs. Dambudzo Malunga on Wednesday, and they were remanded in custody until March 17 for sentencing.
In their defense, the couple’s lawyer, Mr. Jabulani Ndubiwa from Mashayamombe & Co. Attorneys, asked the court for leniency, citing the couple’s role as primary caregivers to their grandchild and Francisca’s poor health.
The scheme came to light after an investigation by the bank’s forensic team, which found discrepancies in the records, leading to the couple’s arrest.
According to prosecutor Mr. Owen Mugari, Francisca opened a Silver Banking account at Stanbic Bank’s Joshua Nkomo Street branch in Bulawayo on February 5 last year, after her daughter, Rudo Sibanda, falsely claimed that Francisca worked for her company, Cominergy Construction Mining Energy. Francisca was issued a chip and PIN visa card, which she used for transactions. On April 5, she attempted a purchase at National Foods Bulawayo, but the transaction failed.
A reversal of the failed transaction by Steward Bank was mistakenly processed through ZimSwitch, resulting in an overstated amount being credited to Francisca’s account, leading to a deposit of US$40,850.86.
The Sibandas then spent the funds on a lavish spree, visiting upmarket markets in Sandton, Johannesburg, and the Maboneng Precinct, which features restaurants, boutiques, and art galleries.
Between April 30 and May 1, Francisca’s card was used for cash withdrawals and transactions in Bulawayo and South Africa, totaling US$34,110.47. The bank later discovered the theft, and after an investigation, the couple was arrested. None of the stolen funds have been recovered.
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