The VBS-Mutual Bank fraud trial is expected to resume in the High Court in Pretoria on Monday morning. 14 people accused of looting the bank are facing 188 counts of racketeering, corruption, fraud, theft and money laundering.
They are accused of stealing about R2.3 billion from the bank and doctoring financial statements which led to depositors losing their money.
The bank was placed under curatorship in March 2018 following a severe liquidity crisis.
There are a number of people in different parts of the country that are charged in connection with the VBS looting however, Limpopo remains the epicentre of the bank heist, as most of the municipalities involved are in the province.
Tshivhilidulu village residents in the same province have suffered the biggest blow.
The bulk of funds stolen was allegedly for the benefit of individuals and entities related to VBS executives, including its largest purported shareholder, Vele Investments.
One of the accused, former chief financial officer of VBS Mutual Bank, Phillip Truter, pleaded guilty to charges of fraud, corruption, money laundering and racketeering.
He was sentenced to 10 years’ imprisonment with three years suspended.
VBS Bank Trial Resumes | 14 defendants face racketeering, fraud, and money laundering charge:
