By Takudziridzwa Nyama
Walter Matare, a bank teller from Harare has been sentenced to 4 years in prison for defrauding EmpowerBank of US$40,377. The Harare Magistrates’ Court handed down the sentence, with 1 year suspended on condition of restitution.
Matare’s fraudulent activities took place between January and June 2023, during which he manipulated the bank’s system to misrepresent Zimbabwean Dollar (ZWL) deposits as United States Dollar (USD) deposits. This allowed his accomplices to withdraw USD despite initially depositing ZWL.
The scam was uncovered in June 2023 when Matare made a suspicious deposit into an accomplice’s account, which was immediately withdrawn.
An investigation revealed that Matare was depositing ZWL as USD at a 1:1 rate, and his accomplices would withdraw the money in USD shortly after.
The sentence handed down to Matare serves as a warning to fraudsters that such actions will be met with severe consequences.