Streaming platform Showmax has released the gripping trailer for The People vs. VBS, a four-part true-crime documentary series unpacking what has been described as South Africa’s biggest bank heist.
Produced by IdeaCandy, the series dives deep into the dramatic collapse of VBS Mutual Bank and the alleged role played by the institution’s own executives in siphoning billions of rands from the bank. Nearly eight years after the scandal shook the country’s financial sector, court proceedings are still unfolding, making the story far from over.
The documentary will premiere over two Wednesdays from 25 March 2026 on Showmax, before airing on M-Net (DStv Channel 101) every Thursday at 10pm from 2 April 2026.
A Billion-Rand Scandal
Investigative journalist Kyle Cowan recalls how unbelievable the story first sounded when it began to emerge.
“We were, like, ‘But that’s impossible. No one can steal R1 billion and no one notices,’”.
Cowan says in the documentary
The reality, however, turned out to be far worse, with nearly R2 billion allegedly siphoned from the bank.
Through investigative storytelling, The People vs. VBS follows the trail of money to reveal how a small mutual bank became entangled with multinational auditors, political parties, a royal household and high-profile political figures.
“This was the most powerful people in South Africa coming together to rob a bank,”.
says investigative journalist Qaanitah Hunter
The Human Cost of the Collapse
Beyond the financial headlines, the series highlights the devastating human impact of the VBS collapse.
According to VBS liquidator Walter Stander, one 86-year-old woman lost R650,000 she had saved over 30 years as a fund for her grandchildren’s education. She was one of approximately 22,000 depositors affected when the bank collapsed in 2018.
VBS liquidator Anoosh Rooplal explains that many victims came from rural and low-income communities who had trusted the bank with their life savings.
Local filmmaker Dowelani Edward Nenzhelele, whose own family lost hundreds of thousands of rands, asks a question that echoes throughout the documentary:
“What kind of man can do that to poor villagers?”
From Development Bank to Alleged Pyramid Scheme
Founded in 1982, the Venda Building Society was a pioneering black-owned financial institution that played a key role in development finance. It supported stokvels, burial societies and communities that were often excluded from mainstream banking.
Investigative journalist Sikonathi Mantshantsha says the model could have been a blueprint for development finance across South Africa.
However, the documentary suggests that after a change in leadership, the bank allegedly began operating like a Ponzi-style scheme, chasing larger deposits from municipalities and state-owned entities to keep money flowing into the system.
Liquidator Walter Stander claims large amounts of money were spent on extravagant luxuries, including Ferraris, alongside allegations of bribes and corruption.
When VBS was placed under curatorship in March 2018, panic spread quickly.
“People would queue and sleep outside the bank until they announced there was no more money,” .
recalls Limpopo resident Agnes Thivonali Ngobeli
Voices at the Centre of the Story
The documentary features interviews with key figures connected to the scandal, including:
- Madambi Muvhulawa, VBS co-founder
- Lesetja Kganyago, governor of the South African Reserve Bank
- Dan Matjila, former Public Investment Corporation CEO
- Julius Malema, founder of the Economic Freedom Fighters
- Investigative journalists Dewald van Rensburg and Pauli van Wyk
Allegations explored in the series range from R5 million allegedly transported by helicopter in a cash bag, to municipal officials requesting “Christmas presents”, and even claims of whistle-blower assassinations.
A Warning for South Africa
Director Richard Finn Gregory, who previously worked on the acclaimed financial investigation Steinheist, says the story serves as a powerful warning about corruption and power.
“This is a cautionary tale about what happens when a legitimate desire for progress gets hijacked by compromised individuals. The money was simply too big to resist, and the victims were those who needed VBS the most.”
Gregory says
With explosive revelations, emotional testimonies and a complex political backdrop, The People vs. VBS promises to be one of the most compelling South African true-crime documentaries of 2026, shedding new light on a scandal that continues to shape the country’s financial and political landscape.
