A 49-year-old security guard, initially arrested in connection with the high-profile US$4.4 million Ecobank armed robbery, is now facing a money laundering charge after police admitted they had no evidence linking him to the heist.
Sibonginkosi Sibanda, who works for Safeguard Security and resides in Cowdray Park, was originally charged with armed robbery following the 2024 raid on Ecobank’s Bulawayo branch.
However, prosecutors have since dropped the robbery charge and replaced it with one of alleged money laundering.
Sibanda appeared before Bulawayo magistrate Matthew Mutiro on Friday, where he pleaded not guilty to the new charge.
He was remanded in custody until 7 July, when the court is expected to rule on his bail application.
His lawyer, Prince Butshe, criticised the investigation and arrest, describing it as “a reckless operation based entirely on speculation.” He said:
There was never a credible link between my client and the robbery. When the case started to fall apart, the state changed the charge in an attempt to save face.
The new charge stems from anonymous tips police received in June, alleging that Sibanda was involved in illicit dealings at his workplace.
A lifestyle audit followed, leading to the discovery of assets allegedly inconsistent with his known income.
Prosecutor Constance Ncube told the court that Sibanda owns several properties, including a six-roomed house in Cowdray Park and two additional homes registered under his daughters’ names.
He also reportedly purchased a truck and a Honda Fit vehicle, both registered in his wife’s name, as well as a homestead in Insiza. He is also listed as a co-director of a private company alongside his wife and daughter.
During cross-examination, lead investigator Detective Tawedzerwa Shiriyapenga confirmed that there was no longer any link between Sibanda and the armed robbery. Said Shiriyapenga:
The robbery case is separate and still under investigation. The accused is currently facing a money laundering charge based on information received from tip-offs and subsequent financial investigations.
Butshe argued that Sibanda was initially arrested over the Ecobank robbery, and only during questioning did police raise suspicions about his finances. He said:
Are you suggesting that a married woman cannot own property?
Did you examine the agreements of sale and verify whose name appeared on the documents? Was it not his wife’s?
Is there anything that needs to be recovered, as you claim, when everything is properly documented and above board?
Butshe questioned whether Shiriyapenga was qualified to investigate financial crimes, arguing that such matters should be handled by specialised police units. Said Butshe:
You are not equipped to investigate this case. You are under-trained and have bungled the process. The charges were initially based on armed robbery, and there is no merit in the money laundering allegations.
Do you even understand what money laundering entails? Are you aware of the Commercial Crimes Division? They handle such cases — not you. Yet you seek to deprive a man of his liberty.
Butshe argued that Sibanda was a strong candidate for bail, citing his clean record and the lack of any evidence connecting him to criminal activity.
The court is set to deliver its decision on Sibanda’s bail application on Monday.
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