POSB Sub-vendor Faces Court for ZWG$151K Theft

Munyaradzi Mashiri

Zim Now Court Correspondent 

Alouis Gwatevera, 44, a sub-vendor for the People's Savings Bank, has been brought before the Harare Magistrates' Courts on charges of theft involving ZWG$151,048.28.

According to the prosecution, Gwatevera, who sold prepaid ZETDC tokens on behalf of POSB, received an erroneous credit of ZWG$$1,423,939.82 in his account during a system glitch on May 1, 2024. The amount far exceeded the ZWG$569.87 commission he was due for selling tokens worth ZWG$$22,794.80 in April 2024.

Despite being instructed to halt the use of the mistakenly credited funds, Gwatevera allegedly spent ZWG$$151,048.28 without authorization. Upon discovering the unauthorized transactions, POSB debited the same amount from Gwatevera's account and reported the matter to the police on November 1.

While ZWG$1,272,372.67 of the erroneously transferred amount was recovered, the complainant claims financial prejudice of ZWG$$151,048.28.

Gwatevera, who appeared in court yesterday, was granted bail of US$200 and is set to return for trial on January 16, 2025.

The case underscores the vulnerabilities in financial systems during technological transitions, such as the switch from Real-Time Gross Settlement to the Zimbabwe Gold currency.