A high-profile case involving the alleged theft of US$4 million (approximately R72 million) from Ecobank has taken a surprising turn after authorities dropped armed robbery charges against two suspects, leading to one being released and the other facing new allegations.
Sibonginkosi Sibanda, a 49-year-old Safeguard Security guard, was initially arrested in connection with the brazen daylight robbery that occurred on October 3, 2024, at Ecobank’s NRZ Building branch in central Bulawayo.
However, he now faces a money laundering charge instead of robbery. A second suspect, who remains unnamed, was released after prosecutors failed to link him to the crime.
During the original heist, a group of armed men ambushed security guards as they were loading cash trunks into a vehicle outside the bank.
The robbers, using a Ford Ranger, completed the operation in less than 149 seconds, escaping with millions in cash.
Sibanda appeared in court on Friday, July 4, 2025, in leg irons, but the case swiftly shifted when prosecutors withdrew the robbery charge due to insufficient evidence.
Instead, they accused him of money laundering, citing a lavish lifestyle that appeared inconsistent with his known income.
Prosecutor Constance Ncube outlined several assets allegedly linked to Sibanda, including a six-room house in Cowdray Park, two other properties in his daughters’ names, a Hino truck, a Honda Fit, and a fenced homestead in Insiza.
He is also reportedly listed as a co-director of a company alongside his wife and daughter.
On July 4, the news outlet ZimLive reported via X that prosecutors questioned how Sibanda could afford properties and vehicles worth over $7,600, based on tips received by police in June.
Sibanda’s attorney, Prince Butshe, challenged the legitimacy of the case, claiming the state altered the charges as a face-saving measure.
During court proceedings, he accused the authorities of mismanaging the investigation and misleading the court.
“The initial robbery charge was baseless,” Butshe argued. “Now, they’re trying to cover that up with a money laundering charge without proper investigation.”
Butshe also questioned Detective Tawedzerwa Shiriyapenga’s qualifications, stating that only trained specialists in financial crimes should handle such cases.
Under cross-examination, Shiriyapenga confirmed there was no longer any evidence connecting Sibanda to the robbery, stating that the new charges stemmed from financial inquiries and anonymous reports.
While the original robbery case remains open with no active suspects charged, attention has now shifted to the money laundering investigation, which could carry serious legal consequences if Sibanda is found guilty.
Magistrate Matthew Mutiro is expected to decide on Sibanda’s bail application on Monday, July 7, 2025.
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