The Scorpions have raided the homes of top officials of the now defunct Saambou Bank, South African Broadcasting Corporation radio news reported on Friday.
The raids were carried out in search of documents relating to alleged insider trading.
The homes of former managing director Johan Myburgh, former executive member Charles Edwards and Jan Joubert, the former managing director of a Saambou affiliate, were raided, the SABC reported.
Saambou went into liquidation in February 2002. Following an investigation, the Financial Services Board (FSB) recommended the National Prosecuting Authority prosecute Myburgh and Edwards.
In its recommendation, the FSB said the top structure of Saambou should be held criminally liable for the bank’s collapse and no civil settlement should be considered.
The pending insider trading case is said to be the biggest in the country’s history. – Sapa