Economic Freedom Fighters (EFF) deputy leader Floyd Shivambu benefitted personally from VBS Mutual Bank, Daily Maverick reported on Thursday.
According to the publication, he received roughly R10-million through a company where his brother, Brian, is the sole director.
The EFF, the party of which Floyd is deputy president and where Brian seemingly worked, scooped R1.3-million according to three sources Daily Maverick spoke to.
The forensic report into the looting and collapse of VBS - which was released on Wednesday - fingered Brian as one of the main beneficiaries in what advocate Terry Motau, who led the investigation into VBS, calls "the great bank heist".
Around R2-billion was lost. Brian received more than R16-million.
Elias Shivambu, from Malamulele in Limpopo, confirmed to News24 that Floyd and Brian are his sons, but said he was not aware of the millions Brian received.
The Hawks and the National Prosecuting Authority (NPA) also confirmed to News24 that a team of 16 investigators and prosecutors are investigating the matter.
The EFF on Wednesday evening released a statement saying anyone found to be involved in the fraud and theft must be prosecuted.
The party has not said anything about the Shivambu brothers' involvement. It has, however, scheduled a press conference for next week.