Suspected Fraud: Seychelles Firm Tracks Down Rs500 Millions in Mauritius

Stanford Asset Holding Limited, an international commercial entity registered in Seychelles, along with its subsidiary Greenway PCC, registered in the Mauritian offshore, claim to be victims of an alleged fraud amounting to $11,145,000 USD, roughly around Rs 500 million.

The primary entity asserts that investor funds were illicitly transferred from its AfrAsia bank account to that of Key Stone Properties Ltd.

The alleged beneficiaries’ assets have been frozen by a court order.

Eleven individuals and three Mauritian companies have had their assets frozen as a result of an interim court order issued on August 14, 2023.

The order came in response to a request from Stanford Asset Holding Limited (SAHL), an international commercial entity registered in Seychelles, and its offshore-registered subsidiary Greenway PCC.

Both firms claim to have fallen victim to an alleged fraud totalling $11,145,000 USD, equivalent to approximately Rs 500 million.

SAHL contends that investor funds were unlawfully transferred on February 17, 2022, from its AfrAsia bank account to that of Key Stone Properties Ltd, within the same bank.

SAHL has implicate two local directors of Fudiciam Corporate Ltd (FCL) as alleged accomplices in the fraud.

FCL acted as the Management Company for SAHL and Greenway PCC.

To trace the movement of its funds, SAHL obtained a favourable judgment from the Privy Council on July 21, 2023, compelling AfrAsia to disclose information regarding recipients of the stolen money. The bank complied with the request.

Source: Defi Media