Mbavha yeUS$4 Mita Ecobank Robbery Yabatwa$4 MILLION ECOBANK HEIST: NPA DROPS ROBBERY CHARGES
After much haggling between police and the NPA, prosecutors have DROPPED armed robbery charges against these two men, reports ZimLive.
The man on the left👇 brought to court in leg irons, was RELEASED.
The man on the right, Sibonginkosi Sibanda, 49, of Cowdray Park and an employee of Safeguard Security, was charged with money laundering.
Prosecutors say Sibanda bought two houses in Cowdray Park and one in Mbundane, a Hino truck, a Honda Fit, and fenced off his homestead in Insiza for $7,600.
The NPA is questioning his source of funds.
CREDIT: ZIMLIVETwo men arrested over the sensational US$4 million (approximately R72 million) Ecobank armed robbery have been released within hours, after prosecutors abruptly dropped the charges in a dramatic twist that has thrown the entire case into turmoil.
One of the suspects, Sibonginkosi Sibanda, a 49-year-old security guard employed by Safeguard Security, has now been charged with money laundering, not armed robbery as originally alleged. The other man, whose identity remains undisclosed, was released without charge after prosecutors could not link him to the robbery.
US$4 Million Heist Case Falls Apart As Police Drop Robbery Charges
Two men arrested over the sensational US$4 million (approximately R72 million) Ecobank armed robbery have been released within hours, after prosecutors abruptly dropped the charges in a dramatic twist that has thrown the entire case into turmoil.
One of the suspects, Sibonginkosi Sibanda, a 49-year-old security guard employed by Safeguard Security, has now been charged with money laundering, not armed robbery as originally alleged. The other man, whose identity remains undisclosed, was released without charge after prosecutors could not link him to the robbery.
The robbery took place on 3 October 2024 at Ecobank’s NRZ Building branch in central Bulawayo, when armed men pounced as Safeguard security guards were loading cash trunks into a van outside the bank. The robbers, travelling in a Ford Ranger, struck in broad daylight, drew weapons, overpowered the guards, grabbed the trunks, and fled — all in under 149 seconds.
Charges dropped, new accusations raised
Sibanda was brought to court in leg irons on Friday, 4 July 2025, but his case took a sharp turn after prosecutors withdrew the robbery charge, citing lack of evidence. They then filed a new charge of money laundering, alleging that the guard was living a life far beyond his official income.
Appearing before Magistrate Matthew Mutiro, Sibanda denied the money laundering allegations and was remanded in custody until 7 July, when his bail ruling is expected.
In court, his lawyer Prince Butshe launched a scathing attack on the handling of the case.
“There was never a credible link between my client and the robbery,”
said Butshe.
“When the case started to fall apart, the state changed the charge in an attempt to save face.”
The new money laundering charge stems from anonymous tip-offs received by the police in June 2025. Investigators launched a lifestyle audit, which they claim uncovered assets that far exceeded Sibanda’s earnings as a security guard.
Assets under the spotlight
According to Prosecutor Constance Ncube, Sibanda owns a six-roomed house in Cowdray Park, two other houses under his daughters’ names, a Hino truck, a Honda Fit, and a homestead in Insiza that has been fenced off. He is also listed as a co-director of a private company alongside his wife and daughter.
In a post on X on 4 July 2025, ZimLive reported:
“Prosecutors say Sibanda bought 2 houses in Cowdray Park and one in Mbundane, a Hino truck, a Honda Fit and fenced off his homestead in Insiza for $7,600. The NPA is questioning his source of funds.”
During cross-examination, Detective Tawedzerwa Shiriyapenga admitted under oath that there was no longer any link between Sibanda and the robbery.
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