An elderly couple from Bulawayo has been sentenced to seven years in prison after exploiting a technical glitch at Stanbic Bank Zimbabwe to embezzle more than US$30,000. The couple, Frank Sibanda and his wife, Francisca Netsai, both aged 65, were convicted on 47 counts of theft by Bulawayo Regional Magistrate Mrs. Dambudzo Malunga.
The couple was sentenced to seven years in prison, with four years suspended for five years on the condition that they do not commit similar offenses. An additional three years were suspended on the condition that they repay the stolen amount to Stanbic Bank through the clerk of courts by June 20.
The case began when Francisca Netsai opened a Silver Banking account at Stanbic Bank’s Joshua Nkomo Street branch in Bulawayo. A technical error during an interbank transaction resulted in an inflated deposit of ZWG 579,116.21, equivalent to US$40,850.86, being credited to her account. Realizing the error, the couple embarked on a lavish spending spree, withdrawing US$2,025 in cash and spending over US$32,000 on ATM and point-of-sale transactions in Zimbabwe and South Africa.
Their extravagant purchases included visits to high-end shopping areas such as Sandton and Maboneng Precinct in Johannesburg, where they splurged on food, beverages, and luxury items.
