The theft occurred between 1-3 January and was allegedly committed by a syndicate of criminals with knowledge of the Post Office's information technology systems.
Department of State Security spokesman Brian Dube has confirmed that the theft took place and that the probe is underway.
Business Report claims that the syndicate opened several Postbank accounts in different parts of the country late last year and then during the New Year holiday weekend, it says, the syndicate gained access to a Rustenburg Post Office employee's computer and made deposits from Post Office accounts into the ones that had been opened last year.
Money was then withdrawn from ATMs in Gauteng, Free State and KwaZulu-Natal.
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