NetOne Cellular reportedly suffered a loss amounting to ZiG285,817 due to an alleged hacking incident exploiting the RTGS to ZiG currency conversion starting in April. Takunda Gwaranda, aged 21, has been implicated in the incident and appeared before Harare magistrate Mr. Dennis Mangosi. He faces charges of fraud and money laundering and has been remanded in custody pending a bail application.

According to Prosecutor Mr. Thomas Chanakira, between May 10 and 13, Gwaranda accessed NetOne’s OneMoney Wallet through a hacked system and transferred ZiG285,817 to various EcoCash accounts. The transfers were executed using a phone line registered under his mother’s name. Notably, Gwaranda’s own wallet showed only ZiG340.68 at the time of these transactions.

The fraudulent transfers were processed via EFT Corporation Zimbabwe, ZimSwitch, and EcoCash, drawing from NetOne’s OneMoney escrow account. This exploit reportedly led to significant depletion of NetOne’s funds, necessitating intervention from FBC Bank to settle the transactions. Although some of the misappropriated funds were recovered following the freezing of the involved wallets, the total amount remains undetermined.

Assets allegedly purchased using the ill-gotten gains are yet to be retrieved. The incident underscores vulnerabilities in NetOne’s security systems, prompting scrutiny and efforts to bolster protection against such cyber threats.

In other news – Armed robbers jailed 146 years

Three notorious serial armed robbers were sentenced to a total of 146 years in prison by Harare Magistrate Clever Tsikwa following their conviction on multiple charges of robbery and attempted murder.

Darlington Maruba, aged 40, William Boka, aged 39, and Kudakwashe Boka engaged in a reign of terror across Harare, targeting residents for their money and possessions, often leaving victims severely injured or near death. Read More