Former CABS Manager Sentenced to Four Years in Prison for US$182,758 Fraud

A former Client Relationship Manager at Central African Building Society (CABS) has been sentenced to an effective four-year prison term after being convicted of defrauding the financial institution of US$182,758.

Talent Tarisai Zimbindi, aged 39, was sentenced by the Harare Magistrates’ Court after investigations revealed that he abused his position at the bank to divert corporate loan funds into a company he controlled. The money was later withdrawn for personal use.

According to the National Prosecuting Authority of Zimbabwe (NPAZ), the fraudulent scheme took place over a three-month period in 2024.

### Fraud Carried Out Between August and October 2024

Prosecutors told the court that between August and October 2024, Zimbindi manipulated loan facilities that were intended for legitimate corporate clients. Instead of processing the loans correctly, he redirected the funds into an account belonging to Rozim Mining (Private) Limited, a company under his control.

Once the funds were deposited into the account, he withdrew the money for his personal benefit.

### Fraud Discovered During Routine Bank Checks

The scheme came to light after irregularities were discovered during routine record checks at the bank. Investigators later confirmed that a total of US$182,758 had been unlawfully diverted.

Authorities also revealed that none of the stolen funds were recovered.

Following the investigation, Zimbindi was arrested and brought before the court to face fraud charges.

### Court Sentence

The court initially sentenced him to 10 years in prison. However, part of the sentence was suspended under specific conditions.

Three years were suspended for five years on condition of good behaviour, while another three years were suspended on the condition that he repays the stolen money.

With the suspended portions taken into account, Zimbindi will serve an effective four-year prison sentence.