Latest news with #RenganadenPadayachy
IOL News
21-04-2025
- Business
- IOL News
Mauritius ex-finance minister charged over 2nd fraud case
Mauritius's former finance minister was arrested and charged on Wednesday with "conspiracy to commit fraud" before being released on bail, according to a prosecution source. The latest arrest of Renganaden Padayachy concerns alleged fraud against the Mauritius Investment Corporation (MIC), created in 2020 by the Bank of Mauritius to support businesses during the Covid-19 pandemic, said police. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ It was carried out at the request of the Financial Crimes Commission (FCC). In this case, police are investigating the MIC's payment of approximately $1 million to Menlo Parks Ltd/Pulse Analytics, a polling company known for its political analyses on social media, said police sources. Padayachy was released on bail, which was set at roughly $11,000, with the conditions specifying he was not permitted to have any contact with the other parties involved in the case. He will also have to report to a police station daily, the prosecution source said. Officers on Wednesday searched two properties belonging to the former minister, said a source close to the investigation. Padayachy had already been charged with fraud over a previous case linked to the MIC, but was released on bail on Monday after five days in detention. He and Harvesh Seegolam, the ex-Governor of the Central Bank of Mauritius, are accused of having artificially inflated the valuation of a company, EastCoast Hotel Investment, in which MIC had invested. That investment lost approximately $6.7 million for the MIC. Seegolam, also charged with fraud in the EastCoast Hotel Investment case, was arrested and then released on bail in January in the Menlo Parks Ltd/Pulse Analytics case, for which Padayachy was not initially charged. Last year, a coalition led by Prime Minister Navin Ramgoolam comfortably won parliamentary elections, regaining power in the Indian Ocean state after a decade in opposition.
Bloomberg
14-04-2025
- Business
- Bloomberg
Mauritius Former Finance Minister Secures Bail in Fraud Inquiry
Mauritian police released former Finance Minister Renganaden Padayachy on bail after he spent five days in custody as part of a fraud probe by the Financial Crimes Commission. Last week, the FCC arrested Padayachy and ex-central bank governor Harvesh Seegolam over allegations of 'fraud by abuse of position.' The arrests related to the acquisition of shares by Mauritius Investment Corp., a subsidiary of the central bank.
Yahoo
09-04-2025
- Business
- Yahoo
Mauritius arrests ex-central bank governor, finance minister in embezzlement case
PORT LOUIS (Reuters) - Authorities in Mauritius arrested the former finance minister and central bank governor on Wednesday as part of an investigation into embezzlement at a state company, the Indian Ocean island nation's financial crimes commission said. Former central bank governor Harvesh Seegolam and former finance minister Renganaden Padayachy have denied wrongdoing and did not respond to requests for comment on Wednesday. The government of Prime Minister Navin Ramgoolam has accused the previous administration under which the two former officials served of falsifying economic growth, budget deficit and public debt figures for years. In one of his first moves following his November election victory, Ramgoolam launched an audit of public finances. "Renganaden Padayachy and ... Harvesh Seegolam have been arrested this afternoon following new evidence brought into the enquiry of alleged embezzlement of 300 million Mauritius rupees ($6.70 million)," the financial crimes commission said. The embezzlement investigation relates to the alleged theft of funds from the Mauritius Investment Corporation, set up to help companies deal with impact of the COVID-19 pandemic. ($1 = 44.7500 Mauritius rupees)
Reuters
09-04-2025
- Business
- Reuters
Mauritius arrests ex-central bank governor, finance minister in embezzlement case
PORT LOUIS, April 9 (Reuters) - Authorities in Mauritius arrested the former finance minister and central bank governor on Wednesday as part of an investigation into embezzlement at a state company, the Indian Ocean island nation's financial crimes commission said. Former central bank governor Harvesh Seegolam and former finance minister Renganaden Padayachy have denied wrongdoing and did not respond to requests for comment on Wednesday. The government of Prime Minister Navin Ramgoolam has accused the previous administration under which the two former officials served of falsifying economic growth, budget deficit and public debt figures for years. In one of his first moves following his November election victory, Ramgoolam launched an audit of public finances. "Renganaden Padayachy and ... Harvesh Seegolam have been arrested this afternoon following new evidence brought into the enquiry of alleged embezzlement of 300 million Mauritius rupees ($6.70 million)," the financial crimes commission said. The embezzlement investigation relates to the alleged theft of funds from the Mauritius Investment Corporation, set up to help companies deal with impact of the COVID-19 pandemic. ($1 = 44.7500 Mauritius rupees)
