Four were arrested, three were expected to hand themselves over, while an eighth suspect is in quarantine due to Covid-19
VBS Mutual Bank in Thohoyandou, Limpopo. Picture: ANTONIO MUCHAVE/SOWETAN
In March 2018, the SA Reserve Bank placed VBS Mutual Bank into curatorship after withdrawals by municipalities — which are legally barred from depositing money with mutual banks — caused a cash crunch. Lebeya said the Hawks conducted a simultaneous search and seizure operation on 10 premises in Gauteng and Limpopo.
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