Home Business and Technology Hawks arrest top VBS Mutual Bank officials

Hawks arrest top VBS Mutual Bank officials

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VBS Mutual Bank

The Hawks has arrested top VBS Mutual Bank officials linked to the looting of the bank. VBS Mutual Bank collapsed after it was fleeced of over R2-billion.

Hawks head Lieutenant General Godfrey Lebeya says they conducted a simultaneous search and seizure operation in 10 premises in Gauteng and Limpopo provinces.

VBS Mutual Bank

Four suspects have been arrested, three suspects are expected to hand themselves in, while one suspect has been affected by the COVID-19 quarantine requirements and will be secured after completion of the relevant processes. The suspects have been charged with 47 counts of various criminal offences.

The charges include five counts of patterns of racketeering activities in contravention of the Prevention of Organised Crime Act 121 of 1998, 12 counts of theft, seven counts of fraud, 15 counts of corruption in contravention of the Prevention and Combatting of Corrupt Activities Act 12 of 2004 and seven counts of money laundering.

VBS was formed in 1982 as the Venda Building society and it became a mutual bank in 1992.

It was placed under liquidation in November 2018 and its banking license was suspended.

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Source: eNCA