The R103m Absa Bank fraud case against specialist engineer Xolela Masebeni was withdrawn after a death certificate was presented in the Johannesburg specialised commercial crimes court on Monday.
Masebeni was shot dead two weeks ago while sitting at home with friends.
Masebeni's wife, Athembile Mpani, 20, and Gershom Matomane, 29, who was added to the charge sheet on Monday, are the remaining accused in the matter.
They face charges of fraud and money laundering allegedly committed between September and December last year.
It is alleged that R59m was deposited into Matomane's bank account. He is out on R30,000 bail granted by the Bellville magistrate's court.
Matomane has a pending case in Bellville, Cape Town, for allegedly defrauding Capitec Bank, with five accomplices, of R3.4m.
The alleged fraudulent transactions were uncovered by Absa’s forensic division, who reported the matter to police.
The investigation alleges that Masebeni accessed a corporate business account and transferred funds.
He was arrested by the Hawks in Komani (Queenstown) on January 19 and appeared in the Queenstown magistrate's court the next day.
The case was transferred to the Johannesburg specialised commercial crimes court as the alleged crime happened in Sandton.
“The state has managed to recover R66m so far and is in the process of seizing three vehicles that were allegedly purchased using the defrauded money. The case was postponed to May 12 for further investigations and more arrests are imminent,” National Prosecuting Authority (NPA) spokesperson Phindi Mjonondwane said.