JOHANNESBURG - The probe into the defrauding of VBS Mutual Bank must be expanded to ascertain whether a R7.8 million loan it advanced to former President Jacob Zuma was above board and was being serviced, the South African National Civic Organisation (Sanco) said on Thursday.
The South African Reserve Bank (SARB) placed VBS under curatorship in March and its annual financial statements were found to be inaccurate.
A report entitled "The Great Bank Heist" released by the SARB on Wednesday says some 50 people gratuitously received R1.894 billion from the failed VBS over a three-year period starting in March 2015.
The report also implicated the brother of the deputy president of the militant Economic Freedom Fighters opposition party.
"The Economic Freedom Fighters’ alleged links with the criminal underworld, possible benefit from VBS fraud and involvement of its leadership in shoddy deals including its earlier protestation that VBS was being victimised for giving Zuma a loan must also be probed,” Sanco national spokesperson Jabu Mahlangu said.