The eighth senior executive suspect in the VBS Mutual Bank looting case has been arrested and will appear in court on Monday, the Hawks said on Sunday.

The man was arrested on Friday by the Serious Corruption Investigation team, Hawks spokesperson Colonel Katlego Mogale said.

"The suspect who could not be arrested a few weeks ago has recovered from his ailment and is expected to appear in the Palm Ridge Specialised Commercial Crimes Court on Monday, facing 47 charges of fraud, theft, money laundering, corruption and racketeering."

The man is understood to have been in quarantine for Covid-19 and could, therefore, not previously appear with his co-accused.

News24 previously reported that seven accused appeared in court for allegedly stealing R2.2-billion from VBS Mutual Bank, in one of the country's most widely publicised looting scandals.

They were granted R100 000 bail each.

Among the accused are former VBS chairperson Tshifhiwa Matodzi, who was described as the alleged "kingpin" of the looting scheme, VBS CEO Andile Ramavhunga, former VBS treasurer Phophi Mukhodobwane, and former non-executive VBS board members, Ernest Nesane and Paul Magula.

Former KPMG engagement partner Sipho Malaba, and Phalaphala Avhashoni Ramikosi, the former chief financial officer of the South African Police Service, are also part of the group of accused.

Each pleaded not guilty to the multiple charges against them.

Magistrate Brian Nemavhidi warned them to hand over their passports to the police before 26 June.

The seven accused are expected back in the dock on 8 October, where they will receive a high court trial date.