AN elderly couple from Bulawayo, who exploited a technical glitch at Stanbic Bank Zimbabwe to embezzle more than US$30 000, was yesterday sentenced to seven years in prison.
Frank Sibanda and his wife, Francisca Netsai, both 65, squandered the windfall on an extravagant shopping spree across Zimbabwe and South Africa after the funds were erroneously deposited into Francisca’s account.
The couple was convicted on 47 counts of theft by Bulawayo regional magistrate Mrs Dambudzo Malunga. However, four years of their sentence were suspended for five years on the condition that they avoid similar offences during that period. The remaining three years were further suspended, provided the Sibandas repay the stolen amount to Stanbic Bank through the clerk of courts by June 20.
the saga began on February 5 last year when Francisca opened a Silver Banking account at the bank’s Joshua Nkomo Street branch in Bulawayo.
Her daughter, Rudo Sibanda, falsely claimed that Francisca was employed by her Harare-based firm, Cominergy Construction Mining Energy, to facilitate the account opening.
Francisca was issued a Visa card (number ending in 0711) linked to the account. On April 5, she attempted a US$17,95 purchase at National Foods Bulawayo via a Steward Bank ZiG POS machine, but the transaction failed. During the interbank settlement process, Steward Bank processed a reversal through ZimSwitch, mistakenly crediting Francisca’s US dollar account with an inflated ZWG 579 116,21 which was equivalent to US$40 850, 86.
Realising the error had gone unnoticed, the Sibandas embarked on a lavish spending spree. Between April 30 and May 1 last year, they withdrew US$2 025 in cash from Stanbic Bank in Bulawayo and racked up US$32 085, 47 in ATM and POS transactions in South Africa. Their expenditures included trips to food and beverage markets in Johannesburg’s Sandton suburb and visits to the trendy Maboneng Precinct, known for its restaurants, boutiques, and art galleries.
The offence was later discovered by the bank, which established that between April 30 and May 1 last year, Francisca’s visa card made cash withdrawals of US$2 025 at Stanbic Bank in Bulawayo and several ATM and POS transactions amounting to US$32 085,47 in South Africa.
