Nine suspects are expected to appear in the Bloemfontein Magistrate's Court on Monday on charges of fraud, forgery, money laundering and gang-related activities.
The nine were arrested in February and jointly face 121 counts.
Police Spokesperson Warrant Officer Lynda Steyn says the Hawks started their investigation in 2017.
The 25-year-old Crystal Natasha Arendse, 33-year-old Eagen Jean-Jaques Moses, 40-year-old Lehlohonolo Gilbert Rousseau, 31-year-old Glen Ceaser, 30-year-old Veronica Crouch, 35-year-old Jolene Crouch, 37-year-old Chillerboy Floyd Buys, 36-year-old Mosa Harrinton Tseleli and the 46-year-old Simon Cornelius Botha will make their second appearance in court on Monday.
Steyn says it is alleged that the suspects created payslips and proof of employment which they then used to apply for financing for luxury vehicles and credit facilities.
She says once the loans were approved, the suspects would then disappear.
They allegedly accumulated over R7 million in their illegal dealings with one of the leading Banks in the country.
The transactions were facilitated by a bank employee, who has since been dismissed.
The suspects allegedly acquired nine luxury vehicles amounting to over R6 million and an estimated R800 000 was acquired through loans.
All nine suspects are out on bail of R2 000.
