Sibonginkosi Sibanda, 49, who works for Safeguard Security and lives in Cowdray Park, had initially been charged with armed robbery over the 2024 raid on Ecobank’s Bulawayo branch.
However, prosecutors have now dropped the charge and replaced it with one of money laundering.
Sibanda appeared before Bulawayo magistrate Matthew Mutiro on Friday, where he pleaded not guilty to the new charge. He was remanded in custody until 7 July, when a ruling on his bail application is expected.
The dramatic reversal has cast doubt over the credibility of the police investigation, which Sibanda’s lawyer, Prince Butshe, described as “a reckless operation based entirely on speculation.”
“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 charge stems from anonymous tips police received in June, alleging that Sibanda was involved in illicit dealings at his workplace. A lifestyle audit followed, leading to the discovery of assets allegedly inconsistent with his known income.
Prosecutor Constance Ncube told the court that Sibanda owns several properties, including a six-roomed house in Cowdray Park and two additional homes registered under his daughters’ names.
He also reportedly purchased a truck and a Honda Fit vehicle, both registered in his wife’s name, as well as a homestead in Insiza. He is also listed as a co-director of a private company alongside his wife and daughter.
During cross-examination, lead investigator Detective Tawedzerwa Shiriyapenga confirmed that there was no longer any link between Sibanda and the armed robbery.
“The robbery case is separate and still under investigation,” he said. “The accused is currently facing a money laundering charge based on information received from tip-offs and subsequent financial investigations.”
However, Butshe challenged the officer’s version, pointing to an affidavit that stated Sibanda was initially picked up by police for questioning over the Ecobank robbery. It was during those interviews, the affidavit claims, that suspicions around his financial dealings first emerged.
“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 also questioned whether Shiriyapenga had the training or authority to investigate financial crimes, arguing that such cases should be handled by specialist units within the police force.
The bail ruling is expected on Monday.