7 Plead Not Guilty to Looting More than $132 Million from South African Bank

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2020-06-19

Seven suspects accused of taking just over $132 million from VBS Mutual bank in South Africa have pleaded not guilty to dozens of fraud and theft charges.

On Thursday, the court set their individual bail at $5,733.

The suspects, including a former VBS executive, where arrested Wednesday during raids in Gauteng and Limpopo provinces.

An eighth suspect did not appear because he was under COVID-19 quarantine.

The suspects are charged with stealing funds in 2018 belonging to dozens of individuals and municipalities.

The National Prosecuting Authority described the looting of the bank deposits as one of the largest bank robberies in South Africa's history.

Source: Voice of America

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