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.
More Stories
Malema Rubbishes Concerns That EFF Nationwide Protest Will Turn Violent
Santaco Says Taxi Industry Will Operate As Normal
Government Ready To Deal With Any Eventuality
Nersa Sticks By 18.65% Tariff Increase
Anarchy Will Not Be Allowed In SA – Ramaphosa
It’s Anarchy Of The Highest Order – Mbalula
Cape Town Stockpiling Diesel For Winter
ANC Is Not Corrupt – Mbalula
No Timeline On Phala Phala Probe – Lebeya
CT Residents Investing In Solar To Capitalise On Incentive Programme – CoCT
Phaahla Takes Aim At Police Over Health Sector Strike
Public Enterprises Ministry Will Cease To Exist – Ramaphosa