News / National
Ex-bank consultant jailed for US$23,000 fraud
2 hrs ago | Views
A former ZB Bank loan consultant, Cosmas Bhude, has been sentenced to an effective three years and nine months in prison for defrauding clients of more than US$23,000 through a series of fraudulent loan transactions.
The 41-year-old appeared before Kwekwe Magistrates' Court on Thursday, where he was convicted on four counts of fraud. Prosecutors told the court that between May and November 2023, Bhude exploited unsuspecting clients by forging documents, inflating loan amounts, and diverting funds for personal use.
On May 3, 2023, Bhude processed a fake loan of US$4,692 in a client's name without their knowledge, using forged withdrawal slips to access the money. Just two weeks later, he fraudulently processed another US$4,080 loan, diverting US$3,650 to a separate account.
In September, he inflated a US$3,000 loan to US$7,700, returning the original amount to the client and using the excess to cover previous fraudulent withdrawals. The scheme continued in November when he inflated another client's US$3,500 loan to US$6,550, again siphoning off funds.
The scam came to light after victims noticed loan repayments continuing beyond the agreed terms and sought clarification from the bank.
Bhude was initially handed a six-year sentence, with portions suspended on the condition that he repays the victims US$4,600, US$4,000, US$4,080, and US$2,770 by September 30 this year.
The National Prosecuting Authority condemned the fraud, calling it "a severe breach of trust when financial professionals abuse their positions," and urged Zimbabweans to regularly monitor their bank accounts and statements to protect against similar schemes.
The 41-year-old appeared before Kwekwe Magistrates' Court on Thursday, where he was convicted on four counts of fraud. Prosecutors told the court that between May and November 2023, Bhude exploited unsuspecting clients by forging documents, inflating loan amounts, and diverting funds for personal use.
On May 3, 2023, Bhude processed a fake loan of US$4,692 in a client's name without their knowledge, using forged withdrawal slips to access the money. Just two weeks later, he fraudulently processed another US$4,080 loan, diverting US$3,650 to a separate account.
The scam came to light after victims noticed loan repayments continuing beyond the agreed terms and sought clarification from the bank.
Bhude was initially handed a six-year sentence, with portions suspended on the condition that he repays the victims US$4,600, US$4,000, US$4,080, and US$2,770 by September 30 this year.
The National Prosecuting Authority condemned the fraud, calling it "a severe breach of trust when financial professionals abuse their positions," and urged Zimbabweans to regularly monitor their bank accounts and statements to protect against similar schemes.
Source - NewZimbabwe
