Johannesburg, Mar 12 (IANS): South African police have arrested five people in connection with the collapse of VBS Mutual Bank, the country's biggest banking scandal in recent years.

The police said the suspects were arrested in Thursday morning raid at various places in Gauteng and Limpopo provinces as they "continue to rid the country of corruption and corrupt activities", reports Xinhua news agency.

The arrested persons will be answering to a combined 188 counts of charges which include theft, fraud, corruption, money laundering and racketeering, the Directorate for Priority Crime Investigation (Hawks) said in a statement.

"Now that the attendance of a suspected organized criminal group is secured in court, attention needs to be given to those who contributed to the looting from various municipalities as well as undue beneficiaries," National Head of the Hawks Godfrey Lebeyasaid .

The VBS institution collapsed back in 2018 after its reserves were plundered by corrupt executives, leaving thousands of customers in financial troubles.