Man Faces Court for Alleged $120 Million Fraud Against ZIMDEF

April 18, 2024
court hammer | Report Focus News

HARARE | A man appeared in court yesterday, facing charges of defrauding the Zimbabwe Manpower Development Fund (ZIMDEF) of $120 million in 2022 by allegedly hacking its computer system. Amos Chisvo (43) stood before Harare magistrate Taurai Manuwere, accused of two counts of fraud and money laundering. He was remanded in custody until April 24 for a bail application.

Represented by its Finance and Administration Manager, Innocent Ganya, ZIMDEF filed the complaint against Chisvo. Prosecutor Mr Lancelot Mutsokoti detailed the allegations, asserting that from December 1, 2022, to December 29, 2022, Chisvo, along with six accomplices already in custody, hacked into ZIMDEF’s computer system and accessed its bank accounts at ZB Bank.

Chisvo allegedly transferred $50 million to Atrier Engineering’s CBZ Bank account, belonging to his accomplices using the Zeepay ZimSwitch System. He purportedly moved $20 million to Newplaces Pvt Limited’s NBS Bank account, fraudulently registered to Primrose Nyeri Mwangi. Additionally, $30 million was transferred to Tavaka Holdings’ NBS Bank account, owned by Tinashe Evans Kadzunge and Dzikamai Zvegona.

Following the fraudulent transfers, Chisvo and his associates reportedly converted the funds into US currency through the black market. They also purchased goods from various individuals in exchange for United States Dollars.

The scheme unravelled on December 28, 2022, when ZIMDEF received a whistle-blower’s email alerting them to the offense.