Eight men were arrested early on Wednesday morning in connection with the theft of R2,7-billion at VBS Mutual Bank between 2015 and 2018.

The National Prosecuting Authority issued a racketeering certificate in which the group is accused of being instrumental in the fleecing of the bank's resources and its ultimate implosion.

They will be prosecuted for a broad range of crimes, including allegations of racketeering, corruption, money laundering, fraud, bribery and theft, Scorpio was told.

Four bankers, two officials from the Public Investment Corporation (PIC), a KPMG auditor and a lieutenant-general in the South African police have been arrested in connection with their instrumental role in the theft of over R2,7-billion from VBS Mutual Bank, a bank mainly catering for the poor.

Those arrested are:

Tshifhiwa Matodzi, chairman of VBS and Vele Investments (a company which obtained the majority shareholding in VBS through an alleged scam);

VBS treasurer Phophi Mukhodobwane;

VBS CFO Philip Truter;

non-executive directors of VBS and nominees of the PIC Ernest Nesane and Paul Magula;

KPMG auditor Sipho Malaba;

CEO and executive director of VBS Andile Ramavhunga; and

VBS non-executive director and chair of the bank's audit committee,...