A 41-year-old former loan consultant at ZB Bank, Cosmas Bhude, has been sentenced to 3 years and 9 months in prison for defrauding clients of over $23,000. Bhude was found guilty of four counts of fraud by the Kwekwe Magistrates’ Court after exploiting unsuspecting clients through a series of fake loan transactions between May and November 2023.
During this period, Bhude forged documents, inflated loan amounts, and diverted funds for personal use. Notably, he processed a fake $4,692 loan in a client’s name without their knowledge and inflated another client’s $3,000 loan to $7,700, using the excess for personal gain. He also siphoned off funds from clients’ accounts to repay earlier debts.
The court initially handed Bhude a six-year sentence, but portions were suspended on condition that he repays the victims by September 30 this year. The amounts to be repaid include $4,600, $4,000, $4,080, and $2,770.
The National Prosecuting Authority condemned Bhude’s actions, stating that financial professionals who abuse their positions of trust will face severe consequences. They also urged Zimbabweans to regularly check their bank accounts and statements to safeguard against similar schemes.
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