A South African court has sentenced Tshifhiwa Matodzi, the mastermind behind a $130m banking scandal, to 15 years in prison. Matodzi, the former chairperson of VBS Mutual Bank, pleaded guilty to 33 counts, including corruption, theft, fraud, money laundering, and racketeering. Despite receiving a cumulative sentence of 495 years, he will serve 15 years as the sentences run concurrently.

VBS Mutual Bank collapsed in 2018 after years of looting that defrauded ordinary South Africans from rural villages to government circles. Dubbed "the great bank heist," the scandal involved bribing local officials to divert municipal budgets into VBS's coffers in exchange for cash and gifts.

The bank's transformation into a slush fund for corrupt politicians and business cronies was revealed when South Africa's central bank took control and launched an investigation.

Matodzi, with support from a team of accountants and lawyers, orchestrated the scheme through a network of shell companies and subcontractors. While numerous arrests have been made, only Matodzi and former VBS chief financial officer Phillip Truter have been convicted and sentenced.

South Africa's elite Hawks police unit continues to pursue other suspects involved in the VBS case.