Seven suspects arrested for their alleged involvement in the looting of VBS Mutual Bank are expected to appear in the Palm Ridge Magistrate’s Court on Friday.
The suspects were nabbed by the Hawks during early dawn raids in Gauteng and Limpopo on Thursday.
They face charges on a combined 188 counts which include theft, fraud, corruption, money laundering and racketeering.
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It is understood that two prominent ANC politicians in Limpopo are among those who were arrested after they were issued with warrants of arrest.
“The arrested include a managing director of VBS responsible for retail, a former chief operating officer of VBS and CEO of Vele Investments, four commission agents and an office bearer of a political party in Limpopo,” said Hawks spokesperson Colonel Katlego Mogale.
Mogale said one of the suspects is an employee of the Collins Chabane Local Municipality in Limpopo.
“The suspect was arrested on a separate case related to the investment of municipal funds in VBS. The suspect is alleged to have contravened the Municipal Finance Management Act and charged with corruption and money laundering. Three more suspects will be handing themselves over for arrest during the course of the day,” she said.
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In January, seven people arrested in the VBS Mutual Bank fraud and corruption case appeared in the Palm Ridge Magistrate’s Court and the case was postponed to add other accused and charges.
An eighth accused, former VBS chief financial officer Philip Truter, in October last year was sentenced to 10 years in prison.
Truter entered into a plea agreement with the State after pleading guilty to some of the charges he faced and turned state witness.
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