Deyendranath Persand, commonly known as Rakesh, no longer faces a provisional charge of money laundering conspiracy in connection to an investigation into the seizure of copper worth Rs 18 million. On Thursday, March 28, 2024, Magistrate Valentine Mayer approved his motion to dismiss the charge due to the absence of reasonable suspicion.
Rakesh, a 44-year-old resident of Vacoas and director of Tradeway International Ltd (TWL), was initially arrested and brought before the Port Louis court on May 22, 2023, for alleged money laundering conspiracy.
It was claimed that he conspired with Sherry Singh, former CEO of Mauritius Telecom (MT), as well as Indian nationals Nilesh Ramanbhai Patel and Vjaynathji Gurupremnathji to launder money at La Tour Kœnig in 2020.
The investigation revealed that Tradeway had been provided with a reduced price to purchase copper, with financial transfers occurring between Tradeway and the two Indian nationals despite not conducting business together.
There were also reports of the men acquiring properties, with Sherry Singh acting as an interpreter during the transactions.
Despite Rakesh’s claim that TWL had bought copper from Getraco in 2021 and 2022 for a total of Rs 362 million through bank transactions, it was discovered that Getraco had been operating without a license since October 2021.
Magistrate Valentine Mayer pointed out that the police’s theory on Rakesh’s involvement in the conspiracy was unclear, especially considering he was the Logistics Manager at Tradeway and not the director at the time of the alleged offense.
The court further highlighted that the police investigation had not established Rakesh’s role in property acquisitions.
As a result, the magistrate ruled that the provisional charge against him lacked reasonable suspicion and was subsequently dismissed. The case involving Rakesh’s link with Sherry Singh remains under police investigation.
Source: Defi Media
