Zimbabwe Falls Victim to Largest Bank Heist in National History

Six armed men stole an approximate $4 million from a cash-in-transit (CIT) vehicle stationed outside Bulawayo's EcoBank on Thursday, with police claiming the heist may have been an inside job.According to witnesses, the CIT's security personnel did not resist while the suspects took four boxes of cash and placed them into their white Ford Ranger affixed with false plates.The nation's police service has urged any member of the public with information that may lead to the whereabouts of the suspects to come forward..What You Need To KnowIn a statement, the Zimbabwean Republic Police claimed that the nature of the robbery pointed towards the involvement of an insider, stating, "The Zimbabwean Republic Police confirms that investigations are in full swing in connection with an alleged armed robbery case which occurred late this afternoon on 03 October 2024 at a financial institution at corner 9th Avenue and Fife Street, Bulawayo, when a cash in transit security team was approached by six suspects.""Initial indications are that USD 4,000,000.00 cash has been stolen. The manner in which this incident occurred shows an element of inside job or leakage of information."A lack of fuel for police vehicles likely contributed to the suspects getaway, as Bulawayo Central Police Station lies just two minutes away from the bank.According to a police source speaking to the local press, "since a week ago," the vehicles utilized by the nation's Central Investigations Department's 'crack teams' have sat without fuel.Since the introduction of the gold-backed ZiG, or 'Zimbabwe Gold' as the nation's official currency in early April, civilians have flocked to the informal sector, choosing to trade in the more stable US dollar or South African Rand. Despite carrying the risk of a heavy penalty, money changers continue to trade at exchange rates higher than the nation's set rates.Following the currency's introduction, the Zimbabwe Stock Exchange All Share Index fell 99.95 percent, with civilian trust in the government's monetary policies falling with each new currency introduction. By the time ZiG was introduced, the now outlawed Zimbabwean dollar was in its fifth series in 25 years.Adding to citizens fear was the government's decision this week to devalue the ZiG 40 percent against the US dollar, despite being backed by gold and a 'basket of precious minerals' according to the nation's Finance Ministry.As such, faith in the ZiG has dropped exponentially, with citizens seeking out the US dollar and using it where possible.Making off with a larger sum than the individuals responsible for the 2021 Gwebi River Bridge CIT robbery, during which 2.7 million dollars were stolen and the suspects—including a bank employee—arrested shortly after, it is unlikely the perpetrators of this robbery are to remain at large for long, as such large sums of US dollars are difficult to hide in a nation where 1 in 3 citizens live on less than $1.90 per day.