Mutsvangwa’s ZWL$700k Still Locked Up in Recipients’ Bank Accounts

Businessman, Neville Mutsvangwa is yet to get closure into the disappearance of ZWL$ 700 000 from his Nedbank account last month, 263Chat Business has established.

According to evidence in 263Chat’s possession, on the morning of 16 July, Mutsvangwa received suspicious text messages of account transactions which he had not sanctioned, prompting him to notify his personal banker.

The transactions which are as follows, ZWL$ 260 000 to account number 12990193795, ZWL$ 200 000 to 11991122518, ZWL$57 750 to 21016098444 and ZWL$ 100 000 to 11990671143 forced his bank (Nedbank) to block his and the recipients’ accounts while the matter was reported to the police since it appeared to be an external fraud issue.

However, no funds have been removed from the accounts of the recipients.

“It’s now been a month and the issue hasn’t been resolved. I don’t see any urgency from both sides (ZRP and Nedbank) because none of the sides are prejudiced,

“I think it’s a genuine case of fraud; they have got access to my account. It’s an inside job. They look at the money, they just do the withdrawals and then they process,” Mutsvangwa told 263Chat.

He said by the time his account was blocked, there was ZWL$ 1 000 left but he does not have access because of ongoing investigations.

Mutsvangwa accused Nedbank of lacking urgency in investigating the matter.

“I rushed to the bank to say these are not my transactions, they then froze the accounts and they say they are freezing the account to make sure no money leaves. They want to make investigations and once they are finished with investigations we will proceed with refund,”

“One week goes by, (they say) we want to keep the freeze of their accounts, that’s Nedbank from their forensic department but they say they need a court order otherwise they can’t keep on holding the accounts. I rush to get the court order,

“Now they say they are going to proceed and now a week goes by, there is nothing. Two weeks goes by, after two weeks I call the police. They tell me they are trying to track the suspect,” fumed Mutsvangwa.

Efforts to get hold of NedBank for a comment were futile as the bank’s executive head of marketing and communications, Dedrey Mutimutema’s line went unanswered.

However, a letter written by the bank’s external fraud investigations insisted Mutsvangwa’s account remains frozen as per Reserve Bank of Zimbabwe instruction.

“The Reserve Bank of Zimbabwe issued a directive that your account and others should be frozen as they do their examination,” read the letter.

Mutsvangwa’s ordeal comes at a time cyber-crime is on the rise, compounded weak monitoring systems in the country’s financial sector.

Last year, the ZRP noted that more than ZWL$40 million was lost to cyber-crime in the first four months of the year.

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