$4M EcoBank heist case collapses in court, spotlig...

$4M EcoBank heist case collapses in court, spotlight shifts to suspect’s wealth

The security guard suspect allegedly now owns

3 houses: Registered in wife and daughter’s names
2 Vehicles: A Honda Fit and a Hino truck.
Rural homestead upgrades: Including US$7,600 spent fencing Insiza property.

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ZimNow Reporter

Armed robbery charges against security guard Sibonginkosi Sibanda, 49 collapsed in court this week, forcing prosecutors to pivot to money laundering allegations tied to his unexplained wealth.

Prosecutor Constance Ncube cited assets allegedly acquired by Sibanda after the heist which include three houses, 2 vehicles, and upgrades to Sibanda’s rural home.

The case stems from Zimbabwe’s largest cash heist—the US$4.4 million robbery at EcoBank’s Bulawayo branch in 2024, where thieves executed the broad daylight theft in just 149 seconds.

During a tense hearing before Bulawayo magistrate Matthew Mutiro, prosecutors dropped all armed robbery charges against Sibanda, an employee of Safeguard Security.

The state’s case imploded when lead investigator Detective Assistant Inspector Tawedzerwa Shiriyapenga admitted under cross-examination that police had no evidence linking Sibanda to the heist.

Instead, they charged him with money laundering after a lifestyle audit revealed assets allegedly inconsistent with his income.

Sibanda’s lawyer, Prince Butshe-Dube accused police of a reckless operation based on speculation exposing critical flaws including the fact thatDetective Shiriyapenga contradicted his own affidavit, blaming a “typing error”.

Butshe-Dube challenged the detective’s qualifications, asking, “Do you even understand money laundering?” and noting such cases should be handled by specialized units.

The state claims these purchases—funded by “shady dealing”—prompted the money laundering charge.

Sibanda pleaded not guilty to the new charges and remains in custody pending a bail ruling on Monday, July 7.

Detective Shiriyapenga conceded the robbery case was “separate and still under investigation. Sibanda’s co-accused, Thokozani Zulu, was cleared of all charges and freed.