The event unfolded when Steward Bank received an email from someone posing as the finance manager asking to have $22 million transferred to different accounts. The transactions were broken down as follows:

$10 million to Simrac Investments, $3 million to Leechiz Investment Cabs account, $7 million to Madzara Investment Cabs account and $2 million to Maloka Constructing Company.

Steward bank said they failed to notice the differences in email addresses used and continued to process these funds.

Moses January Banda, was one of the suspects detained following the incidence, however he has been released on bail of $50 000. This release  was made by Harare Magistrate, Dennis Mangosi who said there was no evidence that Banda had created the emails that defrauded TM Supermarket through Steward Bank.

Mangosi said the following,

“There is no evidence that proves a nexus between the accused and offence.

The accused is not employed by TM Supermarket which will place him in a position to interfere with witnesses.

This will leave the accused with no incentive to abscond. He is a good candidate for bail”

Mr Luck Mauwa, who was Banda’s lawyer on this case, told the court during his bail application that he had no links to Ronald Mudzingwa, Tonderai Salesio Chagweda and Tatenda Wellington Jombe, who have already been arrested in connection with the fraud and freed on $50 000 bail each. Banda also denied knowing any of the witnesses or the co-accused who implicated him.

Magistrate Mangosi reiterated that Banda was not an employee of TM Supermarket and therefore could not have influenced any of the witnesses.

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