The eight men arrested in connection with the plundering of VBS Mutual Bank face a raft of charges including money laundering, theft, fraud and corruption.
The group appeared in the Palm Ridge Regional Court on Thursday morning.
The total amount of money they are accused of stealing by creating fictitious accounts is more than R1.5bn.
The state has lined up 42 witnesses against the accused.
An 80-page indictment shows that the eight men are former VBS Mutual Bank and Vele Investments chairman Tshifhiwa Calvin Matodzi, former VBS Mutual Bank CEO Andile Ramavhunga, former CFO Philip Truter, former treasurer Phophi Mukhodobwane, former KPMG partner Sipho Malaba, former police officer Avashoni Ramikosi, and former Public Investment Corporation executives Ernest Nesane and Paul Magula.
Accused number 1: Tshifhiwa Matodzi, former chairman
The indictment shows that Matodzi had control of several accounts held at VBS Mutual Bank. The accounts included: Vele investments, Petronet, Venmont, Robvet, Khavo, Scorpion, Tiisang.
These accounts controlled hundreds of millions of rand, some of which Matodzi used to bribe his co-accused, prosecutors allege.
Prosecutors also accused Matodzi of bribing all his co-accused and offering gratification in order to influence them “to act in a manner that amounts to the illegal, dishonest, unauthorised, incomplete, or biased exercise, carrying out or performance of any powers, duties or functions arising out of a statutory, contractual or any other legal obligation”.