A Bulawayo court has denied bail to a 49-year-old security guard who is facing money laundering charges, following his earlier arrest in connection with a high-profile US$4 million Ecobank robbery.
Sibonginkosi Sibanda, of Cowdray Park and employed by Safeguard Security, was initially brought before the courts as a suspect in the armed robbery.
However, police later admitted they could not directly link him to the heist, prompting a shift in focus to financial crimes.
Appearing before Bulawayo magistrate Matthew Mutiro, Sibanda was remanded in custody until 21 June. The magistrate ruled that releasing the accused at this stage would compromise the integrity of ongoing investigations.
“The State opposed the application for bail, citing the risk of interference with witnesses. This court finds merit in that submission. The accused has close personal ties to key individuals named in the matter namely his wife and daughter who are also connected to the assets under investigation. The likelihood of him influencing or interfering with their testimonies is therefore high,” said Magistrate Mutiro in his ruling.
He added that the State had presented credible arguements that Sibanda could tamper with evidence or abscond, given the seriousness of the allegations and the value of the assets in question.
The court also heard testimony from the investigating officer, who confirmed that enquiries into additional properties and financial records linked to Sibanda were still underway.
Prosecutor Constance Ncube told the court that Sibanda had acquired a string of properties and assets that appeared to far exceed his known income.
According to the State, Sibanda owns a six-roomed house in Cowdray Park, registered in his name. He also allegedly purchased a four-roomed house in the same suburb for US$8,000, which is registered in the name of his daughter.
Another four-roomed house, located in Mbundane and bought in April 2025 for US$16,000, is registered under another daughter.Additional assets include a Hino Dutro truck, registered in the name of his wife, Melody Sibanda; a Honda Fit vehicle bought for US$4,500; a fenced homestead in Insiza valued at US$7,600; and a private company, MELPHAL Investments, with his wife and daughter listed as directors.