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Hawks: Investigations into alleged VBS corruption underway

Five dockets have been opened and will be investigated by the Hawks' Serious Corruption Investigation unit.

Picture: VBS Mutual Bank Facebook page

JOHANNESBURG - The Hawks say investigations into allegations of fraud and corruption at VBS Mutual Bank are underway.

Five dockets have been opened and will be investigated by its Serious Corruption Investigation unit.

Reports have emerged suggesting money was looted from the bank and used to shower the Venda king with gifts worth R12 million while the bank’s executives flew in helicopters and drove expensive cars.

VBS was placed under curatorship by the Reserve Bank earlier this year after it was unable to pay depositors their money.

The Hawks' Hangwani Mulaudzi says the majority of the cases have been opened in Polokwane.

“The dockets will be brought to head office or they will be investigated from that end. So there’s nothing tangible now, it’s still early for us to even get into detail. The team has travelled to Limpopo to go and familiarise themselves with the contents of the dockets.”

(Edited by Thapelo Lekabe)

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