The head of the CABS bank is accused of embezzling depositors’ funds

CABS Highlands branch manager Raymond Chikonyora appeared in court last week on serious charges relating to unauthorized withdrawals from customer accounts. The allegations raised concerns about internal controls and financial management at the bank.

During a hearing before Harare magistrate Dennis Mangosi, it was revealed that Chikonyora allegedly transferred a total of $9,915 into his own accounts without management’s approval. The unauthorized transactions began on September 9, 2024, when he first transferred $3,850 to his account.

Subsequent unauthorized credits included $1,005 and $1,000 credited to his account between September 9 and 20, followed by another $1,000 on October 24. All the funds were reportedly withdrawn from various CABS ATMs, raising suspicions of potential fraud.

The scheme was discovered on October 28, 2024, during a scheduled reconciliation of accounts conducted by the bank’s management. After the discrepancies were discovered, a protocol was drawn up, which led to Chikonyora’s arrest.

As the investigation continues, Chikonori faces serious consequences as he is due back in court this week. The incident highlights the importance of rigorous due diligence at financial institutions to prevent similar breaches of trust and integrity in the banking sector.