LOAN SHARK ZB BANK FRAUDSTER JAILED: Consultant scammed clients out of US$23k

The conviction has been welcomed by the National Prosecuting Authority, which described the matter as a severe violation of trust and a grave crime against a vulnerable child.

Midlands Bureau

FORMER ZB Bank loan consultant, Cosmas Bhude (41), has been slapped with a three-year two-month jail term after being found guilty of fleecing clients of more than US$23 000 through a loan scam.

Bhude, who worked at the bank’s Kwekwe branch, was convicted on four counts of fraud committed between May and November 2023.

According to the National Prosecution Authority of Zimbabwe, he was initially handed a six-year sentence but part of it was suspended on condition he pays back the victims. He must repay US$4 600, US$4 000, US$4 080 and US$2 770 to the complainants by 30 September 30.

The court heard how Bhude manipulated loan applications and forged documents before pocketing the money for personal use. His scheme unraveled when clients noticed irregularities in their loan repayments and lodged complaints with the bank.

Bhude’s conviction has sent shockwaves through the Midlands banking community, with the case serving as a grim reminder of how trusted insiders can exploit their positions for personal gain.