Former IDBZ Manager Goes On A Property Shopping Spree After Committing Project Fraud

A former IDBZ manager who went on a property shopping spree after committing project fraud is being sued by the bank.

The Infrastructure and Development Bank of Zimbabwe (IDBZ) has officially initiated a formal investigation into a former high-ranking manager, Suckson Muswe, concerning serious allegations of financial misconduct linked to a multi-million dollar student accommodation project in Bulawayo.

Allegations of Cost Inflation and Improper Conduct

According to sources with intimate knowledge of the situation, Muswe, who was previously known as Suckson Makwasha, is accused of leveraging his senior role to inflate the costs of construction materials and services artificially.

ALSO READ: Bulawayo Drug Kingpin Gary Bell Released After Being Granted Bail

The total project cost is reported to be approximately US$17.5 million. It is alleged that his influential position within the procurement division enabled this purported scheme, potentially causing significant financial damage to the state-owned financial institution.

Former IDBZ Manager Goes On A Property Shopping Spree After Committing Project Fraud

Preliminary reports suggest that the financial loss to the bank could be substantial. Investigators are looking into claims that the proceeds from the alleged fraudulent activities were channelled into the acquisition of numerous properties.

It is believed that Muswe acquired up to 28 properties located in Harare, Bulawayo, Gwanda, and even in South Africa using these funds.

Mrs. Priscillah Zvobgo, the Chief Communications Officer for IDBZ, confirmed that an investigation is underway. However, she emphasised that the bank cannot divulge specific details while the probe remains active.

ALSO READ: 50-Year-Old Man Who Raped A Mberengwa Grandmother (90) Gets 20 Years Jail Sentence

“Due to an ongoing investigation,” stated Mrs. Zvobgo, “the bank is unable to release any additional information at this time.”

The student accommodation facility, which was inaugurated by President Mnangagwa last year, was developed through a Special Purpose Vehicle named Zimcampus Properties Private Limited. The funding structure involved several private investors, including the Motor Industry Pension Fund, Old Mutual Life Assurance Company Zimbabwe Limited, and Zimnat, with IDBZ retaining a minority shareholding of 7.67 percent.

Criminal charges have been filed against the former executive, and the IDBZ has pledged its full cooperation with all relevant authorities as the investigation continues to unfold.