“Masebeni sustained several gunshot wounds in the upper body and was rushed to the nearest clinic where he succumbed to his injuries.
“It is believed the two armed suspects fled the scene in a silver-grey VW Polo,” Nkohli said.
The police are urging anyone with information that could lead to the arrest of the suspects to contact the nearest local police station or call 08600 10111.
Masebeni and his wife Athembile Mpani faced charges of theft, fraud and contravening the Prevention of Organised Crime Act.
One of the accounts into which Masebeni transferred the stolen money was his own account, one was his wife’s, one a business account, and the other three belonged to people whom the state believes have ties to the couple.
Besides buying seven cars with cash, the two also allegedly bought two properties in Khayelitsha on the same day. The state accuses them of spending more than R250,000 during a shopping spree in Sandton on one day.
They were both granted bail of R50,000 early this month.
Their case was postponed to March.