VBS in crosshairs after Venda king plans fraud case
The VBS Mutual Bank has been accused of a multimillion-rand loan spree.
VBS Mutual Bank has come under fire after Venda King Toni Mphephu Ramabulana accused the bank of fraud and corruption.
In a report in the Sunday Times, it has been revealed that Ramabulana says VBS left him with a R240,000 monthly bill after they allegedly used his name to secure money from the bank. These funds allegedly went towards a shopping spree for luxury items.
The Times reports that Ramabulana is planning on opening a case of fraud and corruption against VBS’s former chairman Tshifhiwa Matodzi and Vele Investments’ Robert Madzonga.
Ramabulana has sent a letter via his lawyers ordering VBS Mutual Bank to settle a R11-million debt for luxury cars and a house in Dainfern Golf Estate.
Both The Times and News24 report that Ramabulana and Matodzi, the bank’s former chairperson may have helped themselves to hundreds of millions of rands to finance their lavish lifestyles.
For more news your way
Download our app and read this and other great stories on the move. Available for Android and iOS.
