Wednesday, 17 June 2020 11:41


Several senior officials linked to the R2bn looting of VBS Mutual Bank were arrested in a raid this morning.

Amabungane reported that eight people linked to the looting and collapse of VBS Mutual Bank were nabbed during a search and seizure operation by the Hawks and the National Prosecuting Authority.

The report said a former senior police officer and representatives of the Public Investment Corporation were also among those arrested.

Included in those expected to be arrested is former VBS and Vele Investments chairperson Tshifhiwa Matodzi, the alleged kingpin of the theft of depositor’s funds from the bank.

Those arrested are expected to appear in the Palm Ridge magistrate’s court in Ekurhuleni on Thursday morning. Charges could include bribery, racketeering, fraud and money laundering. 

In a report titled "The Great Bank Heist" released in October 2018, Advocate Terry Motau set out his investigation into the grand corruption and theft at VBS, and recommended a series of criminal charges against several senior bank officials.

VBS Bank was formed to be a savings facility years ago and saw many individuals channel their savings to the bank. This included pensioners who had their lifesaving disappear after news of the looting came to light. Various municipalities across the country that had illegally channelled funds to the bank had also lost out of millions.

The billions stolen were channelled to various bank accounts and saw various politicians allegedly benefit from the looted funds.