The Reserve Bank of Zimbabwe (RBZ) has reportedly lost US$34,500 in a daring case of cyber-enabled fraud, after criminals allegedly intercepted an email transaction between the central bank and one of its contractors and diverted the money into personal accounts. The case has not only embarrassed the apex bank but has also reignited concerns about the growing wave of cybercrime targeting both public institutions and private businesses across the country.
According to details presented before the Bulawayo Regional Court this week, the RBZ had contracted a local company, Kutting Edge Events, to construct its exhibition stand at the Harare Agricultural Show. The arrangement was that the central bank would settle the bill in two instalments, paying directly into the company’s Steward Bank account.
Prosecutors allege that before the payments were made, fraudsters gained unauthorized access to the contractor’s email system. Once inside, they allegedly altered the official banking details so that any payments intended for Kutting Edge Events would instead be diverted to accounts under their control.
On 28 August, the RBZ is said to have processed the first payment of US$17,250, believing it had sent the funds to the rightful contractor. Instead, the money landed in a Stanbic Bank account registered in the name of one of the accused, Rubbie Chinanai. A second instalment of the same amount was processed on 2 September, and again the money was misdirected to the same account. By the time suspicions arose, a total of US$34,500 had been siphoned away.
Three suspects — Rubbie Chinanai (54) and Ashel Chinanai (35) of Cowdray Park, Bulawayo, together with Tichawanda Kevin Chinyande (31) of Southview, Harare — have been hauled before the courts. They are facing charges of fraud and money laundering, offences that carry severe penalties under Zimbabwean law.
The National Prosecuting Authority of Zimbabwe (NPAZ) revealed that investigations showed the stolen funds did not remain in one place for long. Almost immediately after being deposited, the money was moved across several accounts in what authorities believe was a deliberate attempt to cover the tracks of the crime.
Part of the money was allegedly transferred from Rubbie’s account to Ashel’s NMB account. From there, prosecutors say Ashel pocketed a commission before sending a portion of the funds via Mukuru to a South African associate named Richard Nyadongo. Additional sums were later withdrawn and deposited into Chinyande’s ZB Bank account, reportedly at the instruction of another alleged accomplice, Anold Kasasa, who remains at large.
RBZ Loses US$34,500 in Sophisticated Cyber Fraud Scam
When the trio appeared in court, they were granted bail under strict conditions designed to prevent flight risk and interference with witnesses. Each of the accused was ordered to deposit US$150 with the Clerk of Court. They must also report once a week to Bulawayo Central Police Station.
In addition, Chinyande was compelled to surrender his passport as a measure to restrict any attempts to leave the country. The presiding magistrate warned the accused against contacting witnesses directly or indirectly. Failure to comply with the bail conditions would result in immediate revocation of their freedom. The matter has been remanded to 30 September for further hearing.
The case has sparked fresh alarm over Zimbabwe’s vulnerability to cyber-enabled fraud schemes. The NPAZ issued a strong warning, reminding both institutions and individuals that criminals are increasingly turning to sophisticated technology to exploit weaknesses in online communication systems.
“Those who abuse technology to siphon public funds will be prosecuted,” the authority declared in a statement. It urged businesses to tighten security protocols around digital communication, especially in handling sensitive financial transactions.
Cybersecurity experts have long warned that local organisations often underestimate the risks of email hacking and phishing, leaving themselves exposed to fraudsters who can manipulate digital correspondence to their advantage. The RBZ case is now being cited as a textbook example of how criminals exploit small lapses in IT security to inflict significant financial damage.
For the RBZ, which serves as the custodian of the nation’s financial stability, the incident is not just a financial loss but also a reputational setback. Analysts note that if the country’s central bank can fall victim to such schemes, other institutions are equally vulnerable unless they strengthen their cyber-defences.
The case also highlights the increasing international dimension of financial crimes, given that part of the proceeds were allegedly moved to South Africa. This cross-border element is expected to complicate investigations and may require cooperation with foreign law-enforcement agencies.
As the trial proceeds, the outcome is likely to set an important precedent for how Zimbabwe’s justice system handles cyber-related fraud. Observers will be watching closely to see if the courts impose stiff penalties that could deter future offenders.
For now, the RBZ remains out of pocket by more than US$34,000, and questions linger about what additional security measures will be implemented to prevent a repeat of the costly scam.
Source- Bulawayo24
