- It's taken nearly two years but arrests are finally being made in the VBS Mutual Bank saga
- Former VBS chairperson Tshifhiwa Matodzi was arrested during a raid on Wednesday morning
- Other top executives are also expected to face arrests with the National Prosecuting Authority set to address the nation
Almost two years after over R2 billion was stolen from VBS Mutual Bank, numerous officials, including board members and the chief KPMG auditor, have either been arrested or will soon be taken into custody.
News24 reports that the Hawks and a team from the National Prosecuting Service carried out an intense early morning operation on Wednesday.
This raid included search-and-seizure operations at the homes of those arrested. Believed to be among those arrested is Tshifhiwa Matodzi.
Matodzi is the former VBS and Vele Investments chairperson and believed to be the ringleader of the theft from the bank.
The suspects are expected to appear in court on Thursday with Vele believed to have received nearly R1 billion of the loot.
Matodzi himself, according to forensic investigations, pocketed a hefty R325 million.
The majority of the funds stolen were deposited by local and district municipalities from around South Africa.
Briefly.co.za reported that the shocking incident of corruption and crime was detailed in Advocate Terry Motau's 2018 report The Great Bank Heist.
The Economic Freedom Fighters have faced numerous allegations of involvement, specifically leader Julius Malema and his deputy, Floyd Shivambu.
In a statement released by the government, it was confirmed that Hawks head Lieutenant General Godfrey Lebeya and National Director of Public Prosecutions Shamila Batohi will update SA on the "progress of priority crime investigation cases".
More details as to who exactly was arrested and the path forward will be detailed on Wednesday during this briefing.
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