Security Guard Arrested in US$4.4M Zimbabwe Ecobank Heist
Ecobank robbery case falls apart; security guard now faces money laundering allegations
A major case linked to the US$4 million armed robbery at Ecobank has disintegrated as authorities admitted to insufficient evidence connecting a local security guard to the incident.
Sibonginkosi Sibanda, 49, who works for Safeguard Security and lives in Cowdray Park, was originally charged with armed robbery about the 2024 event at Ecobank’s Bulawayo branch.
However, prosecutors have since dismissed this charge and replaced it with an allegation of money laundering.
When appearing before Bulawayo magistrate Matthew Mutiro on Friday, Sibanda pleaded not guilty to the updated charge and remains in custody until July 7, when a ruling on his bail request is expected.
This unforeseen development has raised concerns about the integrity of the police investigation. Sibanda’s attorney, Prince Butshe, described it as “a reckless operation based entirely on speculation.”
“There was never any credible link between my client and the robbery,” Butshe stated. “As the case began to fall apart, the state modified the charge in an attempt to protect its reputation.”
The new accusation stemmed from anonymous tips received by law enforcement in June, alleging that Sibanda was involved in illicit activities at his job. Follow-up financial inquiries uncovered assets reportedly inconsistent with his reported income.
Prosecutor Constance Ncube informed the court that Sibanda owns several properties, including a six-room house in Cowdray Park and two additional residences registered under his daughters’ names.
He also reportedly acquired a truck and a Honda Fit vehicle registered under his wife’s name, along with a homestead situated in Insiza. Furthermore, he is noted as a co-director of a private company alongside his wife and daughter.
During cross-examination, lead investigator Detective Tawedzerwa Shiriyapenga confirmed there is no established connection between Sibanda and the armed robbery.
“The robbery case is separate and remains under investigation,” he noted. “The accused currently faces money laundering charges based on information from tip-offs and subsequent financial investigations.”
Nonetheless, Butshe contested this narrative, citing an affidavit that indicated Sibanda had initially been detained for questioning regarding the Ecobank robbery. It was during these inquiries that concerns about his financial activities first emerged.
“You are misleading the court,” Butshe asserted. “The police only revised their charge after recognizing they lacked evidence to substantiate their original claim of robbery. This reflects an effort to mask a deficient investigation.”
Butshe further questioned whether Shiriyapenga had adequate training or authority to investigate financial crimes, arguing that such issues should be handled by specialized units within law enforcement.
A bail decision is anticipated on Monday.
