Stanbic Fraud Suspects Released On Bail In US$2.2 ...

Stanbic Fraud Suspects Released On Bail In US$2.2 Million Scandal

By Nyashadzashe Ndoro

Two men accused of orchestrating a multimillion-dollar fraud at Stanbic Bank Zimbabwe have been granted bail, as fresh details emerge about a complex internal scheme that saw funds meant for tax payments diverted into private hands.

The suspects — Cleatas Tonderai Nyakambiro, a Stanbic employee who worked as an Internal Control Officer, and an alleged accomplice — are alleged to have masterminded the siphoning of over US$2.2 million and ZWL514,735.41 from Stanbic Bank accounts between September 2022 and May 2025.

Court records reveal that the pair used two corporate accounts under the name Innov-Tech Mining and Industrial (Pvt) Ltd to reroute payments intended for the Zimbabwe Revenue Authority (ZIMRA). The accused reportedly manipulated beneficiary details in Stanbic’s ZIMRA tax folder, diverting the funds before withdrawing and splitting the proceeds.

The alleged scheme was uncovered following an internal forensic audit by the bank’s Forensic Services Department, which flagged a series of irregular tax transactions. CCTV footage is said to have captured one of the suspects making significant withdrawals linked to the scheme.

Authorities have so far recovered four vehicles — including a Toyota Fortuner — ten title deeds for real estate, and US$16,000 in cash. The total value of recovered assets stands at approximately US$890,000, leaving a substantial shortfall.

The court granted the two suspects bail set at US$1,500 each, with a condition that they report to their nearest police station once every week.

They are being represented by Makiya and Partners Legal Practitioners.