Online Reporter
Yeukai Karengezeka-Chisepo
Court Correspondent
An employee from a local bank and an alleged illegal foreign currency dealer yesterday appeared in court accused of defrauding the bank of more than US$350 000 and ZiG1,5 million allegedly stolen from suspense accounts.
Washington Madyise (35) and Joe Karombo (37) appeared before magistrate Ms Ruth Moyo charged with fraud and were remanded in custody to May 19 for bail consideration.
The State alleges that between January 2024 and May 11, 2026, Madyise, who worked as a revenue assurance analyst at the local bank and was responsible for internal accounts and product creation, connived with Karombo and other accomplices who are still at large to siphon funds from the bank’s suspense accounts.
Prosecutors allege the accused recruited several individuals whose bank accounts were used to receive the stolen money after Madyise allegedly transferred funds from the suspense accounts into the nominated accounts.
The court heard that Karombo allegedly controlled part of the funds transferred by Madyise.
Accounts allegedly used in the scheme belonged to Karombo, his wife Sibongile Mutsvedu and Faith Masarakufa, who is reportedly related to Madyise.
According to the State, Madyise allegedly made several transfers from the bank’s suspense accounts into the listed accounts over an extended period.
It is further alleged that on some occasions, Madyise withdrew part of the money through ATMs, while Karombo allegedly retained primary control over the funds. The offence reportedly came to light on May 11, after a financial accountant, Nicoline Mahoye, detected suspicious transactions linked to Sibongile Mutsvedu’s account and alerted bank authorities.
A report was subsequently made by the bank’s security and investigations officer, Edmore Chidembo, leading to the arrest of the two accused persons.
The court heard that approximately US$350 000 and ZiG1,5 million was allegedly stolen and nothing has been recovered.
