---
title: "Six years on, VBS victims still bear brunt of devastating looting spree"
description: "The widespread looting and eventual liquidation of VBS Mutual Bank may no longer make headlines as often as when the scandal just broke. But the poor and marginalised victims who invested their life savings and lost everything continue to suffer six years later."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "WATCH THE VIDEO"
author: "Lerato Mutsila and Julia Evans"
author_url: "https://www.dailymaverick.co.za/author/lerato-mutsila-and-julia-evans/"
canonical_url: "https://www.dailymaverick.co.za/article/2024-06-27-six-years-on-vbs-victims-still-bear-brunt-of-devastating-looting-spree/"
published: "2024-06-27T11:28:33"
updated: "2024-06-28T09:54:19"
lang: "en-ZA"
word_count: 151
---

# Six years on, VBS victims still bear brunt of devastating looting spree

> The widespread looting and eventual liquidation of VBS Mutual Bank may no longer make headlines as often as when the scandal just broke. But the poor and marginalised victims who invested their life savings and lost everything continue to suffer six years later.

By Lerato Mutsila and Julia Evans · Published 27 June 2024, 13:28 SAST · Updated 28 June 2024, 11:54 SAST

## Key points
- Six years after the VBS looting spree, victims are still feeling the financial squeeze, proving that justice delayed is truly justice denied.
- Six years after the VBS looting spree, victims continue to suffer
- Devastating impact lingers as those affected struggle to recover
- Financial losses still haunt individuals and communities
- Full story: 'We are really suffering' - VBS victims share ongoing struggles

## Content

[YouTube video: "YouTube video"](https://www.youtube.com/watch?v=ciuP_0in59E)

As [reported](https://www.dailymaverick.co.za/article/2024-02-03-vbs-mutual-bank-scandal-six-years-on-the-r2bn-fraud-the-r500m-settlement-and-the-plight-of-victims/) by Neesa Moodley, Vincent Cruywagen and Lucas Ledwaba, in November 2023, "32 people were arrested for their part in the VBS Mutual Bank scandal in which SA citizens and taxpayers were defrauded of about R2bn.

**Read in Daily Maverick:** [**‘We are really suffering’ — six years on, VBS victims still bear brunt of devastating looting spree**](https://www.dailymaverick.co.za/article/2024-05-12-vbs-heist-six-years-on-victims-still-bear-brunt-of-looting/)

"The most recent arrests late last year were those of Lepelle-Nkumpi Local Municipality’s former municipal manager, Thabo Ben Mothogoane; and its former chief financial officer, Rosina Mangaka Ngoveni; as well as Thapelo Molatlhegi, director of STG Financial Solutions. But few people have been sentenced, and an out-of-court settlement has made many casualties angry."

EFF leader Julius Malema and other party members have not faced criminal charges in connection with the VBS Mutual Bank scandal.

Six years on, VBS victims still bear the brunt of the devastating looting spree. This is their story. **DM**