Accountant Steals US$20 Million From The Ministry Of Defense

A Defense Ministry accountant has appeared before the court for defrauding the defence ministry US$20 Million, Daily News reports.

Simbarazhe Zvineyi allegedly committed the crime between 1 January 2010 and 31 December 2019 and the state is said to have overwhelming evidence against Zvineyi.

According to the publication:

On several occasions Muvandi, who is at large, misrepresented that there were classified operations to be done and instructed the chief accountant Lameck Jackson to deposit money into

Zvineyi’s NMB, CABS and Steward Bank accounts.
The court heard that Jackson transferred amounts varying from US$40 000 to US$66 000 into the supplied bank accounts.

Zvineyi and Muvandi were allegedly aware that no classified operations were being done for the Defence ministry and converted the money to personal use. Investigations carried out have revealed that Zvineyi and his accomplices allegedly swindled the ministry of US$20 million.

Zvisineyi is in custody since his bail hearing was deferred to Monday.

 


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CABS

CABS (formerly Central African Building Society) is a building society in Zimbabwe. CABS is a subsidiary of Old Mutual Zimbabwe Limited, Zimbabwe's largest life assurance organization. Old Mutual Zimbabwe is in turn a subsidiary of Old Mutual PLC - an international financial services conglomerate. The... Read More About CABS

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