Harare,  (New Ziana) –A former teller at the EmpowerBank was on Thursday sentenced to four years in prison for defrauding the bank of US$40 377.

One year of the sentence was however suspended on condition of restitution, sending a strong message to would-be fraudsters in the banking sector.

It is the state’s case that between January and June 2023, the accused, Walter Matare orchestrated an elaborate scheme that exploited weaknesses in Empower Bank’s systems.

He manipulated transactions by misrepresenting Zimbabwean Dollar (ZWL) deposits as United States Dollar (USD) deposits.

The fraudulent activity allowed “clients linked to him” to withdraw USD from the bank, despite having initially deposited ZWL.

The scheme unraveled in June 2023 when Matare made a deposit into one of his accomplices’ accounts, which was immediately withdrawn, raising red flags among bank officials.

A subsequent investigation revealed that Matare had been depositing ZWL as USD at a 1:1 exchange rate, enabling his accomplices to withdraw the funds in USD almost instantly.

New Ziana