12 SBM Bank Staff Suspended Amid Internal Probe Into “Suspicious Practices”

SBM Bank (Mauritius) Ltd has suspended 12 employees, including at least three managers, following an internal investigation into suspicious practices across several key departments.

The precautionary measures, which took effect on Monday 6 April, follow weeks of internal inquiries.

Defi Media sources close to the matter suggest those suspended include officers from the bank’s Anti-Money Laundering and Compliance departments.

Disciplinary Committees Formed

In a statement to the press, an authorised source at SBM confirmed that the bank has moved to establish formal disciplinary committees.

“Following internal investigations, SBM Bank (Mauritius) Ltd has decided to set up disciplinary committees as part of its operational framework,” the source stated.

“Twelve staff members have been suspended as a precautionary measure, pending the conclusions of these committees.”

The bank has not yet specified the expected duration of the suspensions or what further actions may be taken once the committees reach their findings.

Shadow of Previous Scandals

While the bank’s management has not explicitly confirmed if the moves relate to “toxic” loans, alleged fraud, or governance failures, the suspensions occur during a period of intense scrutiny for the institution.

The Financial Crimes Commission (FCC) is currently conducting several investigations involving bank officers, notably regarding the “Reward Money” case and the Dhyanavartam Ltd file.

The latter involves a controversial 470 million MUR loan granted to the manager of the Maradiva Villas Resort & Spa.

Leadership Turmoil

This latest internal crackdown follows the high-profile arrest in 2025 of former CEO Premchand Mungur, whose contract was terminated on 2 December 2025.

It remains unclear if the current suspensions are directly linked to the allegations against the former chief executive.

The wave of disciplinary action also follows the suspension of the bank’s Head of Internal Audit last February.

The moves come at a time of heightened surveillance of local financial institutions by the FCC following a series of past financial scandals.

Source: Defi Media