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The Kwekwe Magistrates’ Court has sentenced former ZB Bank loan consultant Cosmas Bhude (41) to an effective 3 years and 9 months in prison after convicting him on four counts of fraud involving more than US$23,000.
Between May and November 2023, while employed at ZB Bank in Kwekwe, Bhude manipulated loan applications from clients by forging documents, inflating loan amounts, and diverting funds for personal use.
Records show that on 3 May 2023, Bhude processed a US$4,692 loan in a client’s name without their knowledge, withdrawing the funds using forged withdrawal slips.
On 18 May 2023, he processed a US$4,080 loan in another client’s name, diverting US$3,650 to a separate account.
In September 2023, a client requested a US$3,000 loan, which Bhude inflated to US$7,700, giving the client the original amount while using the surplus to cover arrears from earlier fraudulent loans.
A similar scheme occurred in November 2023, when a US$3,500 loan was inflated to US$6,550, with Bhude retaining a portion for previous fraud repayments.
The scheme was uncovered after clients noticed loan repayments continuing beyond agreed terms and reported the discrepancies to the bank.
Bhude was sentenced to six years in prison, with portions suspended on the condition that he restitutes the amounts misappropriated, including US$4,600, US$4,000, US$4,080, and US$2,770 to the respective victims by 30 September 2025.
The National Prosecuting Authority described the case as a “serious breach of trust in the financial sector” and emphasized the importance of vigilance by both institutions and clients.
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