Harare, Zimbabwe — A police investigator has detailed how a finance executive allegedly exploited a bank error to launder ZWL$66 million, converting it into U.S. dollars through a network of third parties and informal currency dealers.
The accused, Itai Mazambani a finance official of Institute of Chartered Secretaries and Administrators, is facing money laundering charges. Detective David Majo of the CID Commercial Crimes Division gave the testimony before Chief Magistrate Vongai Guwuriro.
Testifying before Chief Magistrate Vongai Guwuriro, Detective David Majo said Mazambani applied for a salary-based loan from National Merchant Bank (NMB) in early 2022. However, due to a suspected system error, a significantly larger amount than approved was deposited into his account.
“Rather than notifying the bank of the error, the accused proceeded to move substantial sums of money from his NMB account between the 8th and 10th of February 2022,” Majo told the court.
“He made internal transfers to various individuals and entities, which our investigations later linked to parallel market foreign currency dealings,” he added.
Detective Majo said he was assigned the case by Officer-in-Charge DI Mazhekete after the bank flagged suspicious transactions on the accused’s account. Investigations allegedly revealed Mazambani used the excess funds to acquire U.S. dollars through a coordinated scheme involving several third parties.
The State alleges Mazambani transferred the money to various recipients, who then sourced foreign currency and delivered it to him in cash.
Police said this pattern was uncovered through the analysis of bank statements, mobile communications, and witness testimonies.
One of the central figures in the operation, according to the State, is Pardon Mshawasha, a golfing associate of Mazambani. He is alleged to have received and disbursed foreign currency on the accused’s behalf.
A Samsung A51 cellphone recovered from Mshawasha was submitted to the CID Cyber Lab for forensic analysis. The results, now part of the court record, reportedly contain WhatsApp messages, proof of payments, and other transactions tied to the alleged money laundering scheme.
Another alleged accomplice, William Masamba, is accused of introducing Mazambani to informal forex dealers and personally delivering cash to his workplace at 22–32 McChlery Avenue in Harare.
Detective Majo also testified that while most of the money remains unaccounted for, police managed to trace an immovable property in Glenlorne registered in Mazambani’s name. The house, valued at approximately US$350,000, is registered under Deed Number 0001908/2020. The State says the property qualifies for forfeiture under the Money Laundering and Proceeds of Crime Act.
“Our investigations point to a deliberate and structured effort by the accused to convert ill-gotten funds into hard currency using third parties,” Majo said. “The pattern of transactions, lack of transparency, and rapid disbursement raise red flags consistent with money laundering.”
Mazambani, initially listed as residing at 76 Sunset Mews in Bluffhill, was tracked to the Glenlorne address through leads from his brother. He turned himself in on Feb. 15, 2022, accompanied by his lawyer.
Prosecutor Tafara Chirambira told the court that Mazambani failed to explain the source of the funds or account for how they were used.
He argued that this raised the likelihood that the accused could still be in possession of the proceeds.
The trial is set to continue Thursday, with more witnesses expected. The case is now being prosecuted by Acting Deputy Prosecutor Tendai Shonhayi following Chirambira’s promotion. Mazambani is represented by lawyer Admire Rubaya.
