Alleged Rs 45 Million Fraud: Former Finance Minister Faces Arrest Order

Renganaden Padayachy, the former Minister of Finance, is now the subject of a “Notice of Arrest upon Departure” issued by the Central Criminal Investigation Department (CID) as part of an ongoing investigation into an alleged fraud involving the disbursement of Rs 45 million (forty-five million) that is said to have harmed the Mauritius Investment Corporation (MIC).

This amount was allegedly funneled to Menlo Park Ltd., a private company.

The Passport and Immigration Office has been notified of the arrest order against Padayachy, effectively preventing him from leaving the country without facing the consequences of the investigation.

As part of this case, investigators from the Anti-Money Laundering Unit of the Central CID have already made an initial arrest: Harvesh Seegolam, the former Governor of the Bank of Mauritius.

Seegolam is facing provisional charges of conspiracy to defraud and is currently out on bail.

The unfolding investigation raises significant concerns about financial oversight and governance within public institutions, as authorities continue to delve deeper into the alleged misconduct surrounding the transaction involving the MIC and Menlo Park Ltd.

Source: Defi Media