Story by Parvel Makona
A revenue assurance analyst employed by a local bank has appeared in court facing allegations of stealing more than US$350 000 and ZiG1.5 million from the financial institution.
Washington Madyise (35) and his alleged accomplice, Joe Karombo (37), were charged with theft and money laundering under the Criminal Law (Codification and Reform) Act.
Prosecutors allege that between January 2024 and May this year, Madyise abused his position at the bank, where he was responsible for creating internal accounts.
The court heard that Madyise allegedly connived with Karombo and other accomplices still at large to siphon funds from the bank’s suspense accounts using insider knowledge of NBS internal systems.
According to the State, the accused allegedly transferred the funds into four accounts before withdrawing the money through various automated teller machines (ATMs).
Investigators reportedly uncovered digital evidence showing Madyise accessing the suspense account ledger during irregular hours.
The alleged fraud came to light on May 11 after a financial accountant at the bank detected irregularities, leading to the arrest of the two suspects.
The court heard that the accused allegedly stole US$350 000 and ZiG1.5 million, none of which has been recovered.
Madyise and Karombo were remanded in custody and are expected back in court on May 19.
