Silver Bank Scandal: 2nd Fraud Uncovered, Conservator Appointed

BoM places Silver Bank under conservatorship. In a statement issued this Tuesday, the Bank of Mauritius has, under Article 65 of the Banking Act of 2004, placed Silver Bank under conservatorship and appointed Arvind Gokhool as the Conservator of Silver Bank Limited with immediate effect.

As Conservator, he will exercise all necessary powers to preserve, protect, and recover the bank’s assets, as stated in the statement.

A second fraud has reportedly been detected within this bank. It is worth noting that Silver Bank has been under the scrutiny of the Bank of Mauritius since the Trafigura scandal.

The bank’s former CEO, Vasil Revishvili, and a Senior Manager were reportedly suspended following the discovery of a USD 210,212 diversion, with suspicions of forged documents and signatures earlier this year.

This bank was formerly known as BanyanTree Bank Limited and has been operating under its current name since Tuesday, November 16, 2021.

Source: Le Mauricien