US$4 Million Heist Case Falls Apart As Police Drop Robbery Charges
Two men arrested over the sensational US$4 million (approximately R72 million) Ecobank armed robbery have been released within hours, after prosecutors abruptly dropped the charges in a dramatic twist that has thrown the entire case into turmoil.
One of the suspects, Sibonginkosi Sibanda, a 49-year-old security guard employed by Safeguard Security, has now been charged with money laundering, not armed robbery as originally alleged. The other man, whose identity remains undisclosed, was released without charge after prosecutors could not link him to the robbery.
The robbery took place on 3 October 2024 at Ecobank’s NRZ Building branch in central Bulawayo, when armed men pounced as Safeguard security guards were loading cash trunks into a van outside the bank. The robbers, travelling in a Ford Ranger, struck in broad daylight, drew weapons, overpowered the guards, grabbed the trunks, and fled — all in under 149 seconds.
Charges dropped, new accusations raised
Sibanda was brought to court in leg irons on Friday, 4 July 2025, but his case took a sharp turn after prosecutors withdrew the robbery charge, citing lack of evidence. They then filed a new charge of money laundering, alleging that the guard was living a life far beyond his official income.
Appearing before Magistrate Matthew Mutiro, Sibanda denied the money laundering allegations and was remanded in custody until 7 July, when his bail ruling is expected.
In court, his lawyer Prince Butshe launched a scathing attack on the handling of the case.
“There was never a credible link between my client and the robbery,”
said Butshe.“When the case started to fall apart, the state changed the charge in an attempt to save face.”
The new money laundering charge stems from anonymous tip-offs received by the police in June 2025. Investigators launched a lifestyle audit, which they claim uncovered assets that far exceeded Sibanda’s earnings as a security guard.
Assets under the spotlight
According to Prosecutor Constance Ncube, Sibanda owns a six-roomed house in Cowdray Park, two other houses under his daughters’ names, a Hino truck, a Honda Fit, and a homestead in Insiza that has been fenced off. He is also listed as a co-director of a private company alongside his wife and daughter.
In a post on X on 4 July 2025, ZimLive reported:
“Prosecutors say Sibanda bought 2 houses in Cowdray Park and one in Mbundane, a Hino truck, a Honda Fit and fenced off his homestead in Insiza for $7,600. The NPA is questioning his source of funds.”
During cross-examination, Detective Tawedzerwa Shiriyapenga admitted under oath that there was no longer any link between Sibanda and the robbery.
“The robbery case is separate and still under investigation,”
he told the court.
“The accused is currently facing a money laundering charge based on information received from tip-offs and subsequent financial investigations.”
But the defence punched holes in the state’s story. Butshe confronted the detective over what he called a “deliberate cover-up” of a botched investigation.
“You are misleading the court,” Butshe said.
“The police only changed the charge after realising they had no evidence to support the original robbery allegation. This is a cover-up for a flawed investigation.”
Butshe further argued that Shiriyapenga lacked the proper qualifications to handle financial crimes, insisting that only specialist anti-corruption or commercial crime units should handle such investigations.
Bail decision pending
With the robbery case now effectively collapsed, the spotlight shifts to the money laundering trial, which could carry severe penalties if Sibanda is convicted. Meanwhile, no suspects have yet been charged in connection with the actual US$4 million heist, Zimbabwe’s largest known cash robbery.
The magistrate will deliver a ruling on Sibanda’s bail application on Monday, 7 July 2025.
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