South Africa: South African police make arrests over notorious bank corruption scandal

A number of people have been arrested by police investigating one of South Africa’s most notorious corruption scandals, the looting and collapse of VBS Mutual Bank.

VBS, which held the savings of many disadvantaged people and local municipalities, collapsed with more than £100m in debts in 2018. Much of the money had been siphoned into private bank accounts and some spent on property or luxury cars, investigators found.

Four people were detained in early morning raids on Wednesday in the provinces of Gauteng and Limpopo, with further arrests anticipated within 24 hours. One suspect is in quarantine after contracting Covid-19 and is expected to be detained shortly.

The full original article can be found at theguardian.com

(Photo: Sethembiso Zulu/EWN)

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