Nearly two years after the R2 billion theft of VBS Mutual Bank funds was exposed, several top VBS insiders, including board members and the chief KPMG auditor for the bank, have been arrested or are in the process of being handcuffed.
According to News24, anti-corruption officers from the Hawks, together with a team of NPA prosecutors, conducted a massive operation on Wednesday morning.
Included in those expected to be arrested is former VBS and Vele Investments chairperson Tshifhiwa Matodzi, the alleged kingpin behind the heist.
The funds stolen represent investments made by local and district municipalities from around the country.
Pensioners’ and stokvel accounts held at VBS were also affected.
In a shocking 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 Matodzi and others.