CABS bank manager accused of stealing depositors' funds

A manager at the CABS Highlands branch, Raymond Chikonyora, faced court last week on serious charges related to the unauthorized withdrawal of funds from clients' accounts. The allegations have raised concerns about internal controls and financial governance at the bank.

During the hearing before Harare magistrate Dennis Mangosi, it was revealed that Chikonyora allegedly transferred a total of $9,915 into his own accounts without management approval. The unauthorized transactions began on September 9, 2024, when he first transferred $3,850 into his account.

Subsequent unauthorized credits included $1,005 and $1,000 credited to his account between September 9 and September 20, followed by another $1,000 on October 24. All funds were reportedly withdrawn from various CABS ATMs, raising flags about potential fraud.

The scheme came to light on October 28, 2024, during routine account reconciliations conducted by bank management. Upon discovering the discrepancies, a report was filed, leading to Chikonyora's arrest.

As investigations continue, Chikonyora faces serious repercussions as he is set to return to court this week. The incident underscores the importance of stringent checks within financial institutions to prevent similar breaches of trust and integrity in the banking sector.