Fraudsters dupe Hwange Electricity Supply Company of ZW$2 billion
Cyber fraudsters duped the Hwange Electricity Supply Company of more than ZW$ 2 billion (over US$375 000) after they hacked the company email address and diverted money from the utility company into their personal bank accounts.
The suspects, Fungisai Ngorima (59) and Trust Shone (39) appeared before Harare magistrate Donald Ndiroweyi charged with fraud.
The duo were granted US$ 300 bail each and were remanded to January 29 on routine remand.
The complainant is the Hwange Electricity Supply Company being represented by Finance and Administration Manager Wellington Muchabaiwa.
lt is the State’s case that sometime in 2018, the power utility company embarked on a Power Generating project on a land which is under the jurisdiction of the Hwange Rural District Council (RDC) .
The power utility company was advised by Hwange RDC that they were supposed to pay a Development Levy of US$375 820-07 or equivalent amount in RTGS.
lt is alleged that on November 2 this year, the company communicated with Hwange RDC through email addresses and gave them their bank accounts to transfer the money using ZB Bank account number 4567785783405 (Nostro account) or 4567785783200 (RTGS account).
It is alleged that whilst the company was processing the payment, the duo connived and hacked the communication and changed the email address.
The duo then sent an email to the company using a manipulated email address and requested for some banking details of the bank which the company was intending to use for payments .
Acting on this misrepresentation, the power utility company advised the duo that they were going to pay in RTGS using Stanbic Bank.
The duo then advised the power utility company that Hwange RDC had revised their banking details and that they were now using Stanbic Bank RTGS account number 9140001605115 which belong to an unknown bank account owner.
On 07 November 2023, the company transferred ZW$2 149 806 026-83 from its Stanbic Bank account number 9140000099111 into the unknown Stanbic Bank account.
The following day, Alic Mudenda from Hwange RDC contacted the complainant making a follow-up of the payment.
The complainant became suspicious of the transaction and on checking on the email address, it was discovered that the one which gave the instructions of changing the banking details did not match the initial email .
lt is alleged that the power utility company immediately contacted the bank advising them to reverse the payment.
The complainant then made a report to the police leading to arrest of the duo.
Total prejudice is RTGS$2 149 806 026-83 and all was recovered.
The Hwange Electricity Supply Company (HESCO) is a special purpose vehicle (SPV) created by the Zimbabwe Power Company (ZPC) to spearhead the USD 1.5billion Hwange Expansion Project. ZPC holds 64% shares and Sinohydro the contractor has 36% shares.
