Looted VBS Mutual Bank's final liquidation order has been granted.

The North Gauteng High Court has ordered the liquidation of the controversial bank that has been described as a "ponzi scheme" following the release of a report titled "The Great Bank Heist" which detailed how money was siphoned off the bank.

According to the report commissioned by the South African Reserve Bank, almost R2-billion was stolen from the bank.

The reserve bank said they welcomed the decision to liquidate the bank which is said to be insolvent.

"We will continue to work with the curator to make sure that as much money as possible can be recovered on behalf of the depositors," said reserve bank on Tuesday.

This is a developing story.