The CFU said once all its members have provided their banking details a lawsuit will be filed against the RBZ.
The RBZ between 2007 and 2008 looted funds from export company accounts to fund its controversial quasi-fiscal activities.
The looted funds were never refunded and several export companies were still saddled with the debt from the time.
CFU president, Deon Theron said: “The process of getting that information from all that had funds looted is about to be complete, but from the few farmers who have come forward, we have established that the amount looted from their accounts is about US $ 20 million,”Theron said.
He said CFU projections indicate that the amount will more than double when all its members have come forward.
Theron said the farmers and businesses had no choice but to resort to legal action in a bid to recover the money looted from their accounts as efforts to get RBZ to pay have failed.
Several companies and organisations, including funding from the Global Fund on HIV/AIDS, had their funds looted by the RBZ.
Most companies never recovered the money, save for the Global Fund on HIV/Aids whose funds were returned after the international organisation threatened that it will not fund Zimbabwe again unless and until the looted funds were returned.
The RBZ has lost property worth millions of dollars through auctions of its property by organisations that it owes.