Johannesburg - The Democratic Alliance on Sunday urged the South African Police Service (SAPS) to investigate allegations of bribery and corruption at the controversial VBS Mutual Bank.

"The DA notes the damning reports today [Sunday] of how VBS Mutual Bank directors and their shareholder Vele Investments allegedly defrauded the bank of more than R1.5 billion," DA spokesman Alf Lees said.

The details of the large-scale corruption formed part of an affidavit by VBS curator Anoosh Rooplal, he said.

VBS directors allegedly paid millions of rand in bribes to politicians and top executives at the Passenger Rail Agency of South Africa (Prasa) and the Public Investment Corporation (PIC) in efforts to facilitate the deposit of public monies into the bank.

"These are damning allegations and all those who enriched themselves must be investigated by the South African Police Service and face the full force of the law," Lees said.