Nkosiphile Sibanda, 30, was arrested on Friday, a day before President Emmerson Mnangagwa presided over the graduation ceremony at the Great Zimbabwe University.
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Sibanda was in the company of his accomplice identified as Tsano when he pretended to be genuine travellers who wanted to exchange some US into South African Rands and were allowed to enter into their victim’s car.
Once in the car, they drew their service pistols and ordered the money changer to hand over all their money.
However, the victim reportedly bolted out of his car, and with the help of other money changers, seized Sibanda while Tsano fled.
Police arrested Sibanda and recovered a CZ pistol with a magazine of four live rounds of ammunition.