First Capital Bank loses over USD $400 000 to employee

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Harare – A Harare man employed by First Capital Bank and attached to the NGO Branch as a cashier has been hauled before court on fraud and theft charges after siphoning hundreds of thousands of their foreign currency.

Bangiso Tafirei who reportedly approached account holders with his bank who would in turn transfer various amounts through ZIPIT into their bank accounts before he would misrepresent that the money received was foreign currency and later withdraw it as hard USD cash currency appeared before Harare Magistrate Rumbidzai Mugwagwa.

Tafirei is represented by Jonathan Samukange and he was released on $10 000 bail and the matter was remanded to February 25.

Representing the stare Sebastian Mutizirwa alleged that Tafirei was employed by First Capital Bank NGO Branch as a cashier. The NGO branch is a specially instituted cash out point for non-governmental organisations which pays their employees for goods and services in foreign currency mainly in United State’s Dollars.

From the period extending from August 1, 2018 to December 31, Tafirei hatched plan to defraud his employer and approached various account holders who would transfer various amounts through ZIPIT into First Capital Bank accounts.

Once the money is in the account, he would misrepresent that the accounts were foreign currency accounts entitled to withdraw hard cash in USD currency.

From the period when he put his plans in motion, the 30-year-old Tafirei cash amounting to USD $455 680.00. The offense came to light after the bank did a reconciliation which showed that the amount deposited was being surpassed by amounts withdrawn from the bank which prompted internal investigations.