Politics
Fund Misappropriation Allegations: Police Investigate Rs 400 Million MIC Funding

The Central Criminal Investigation Department (CCID) is investigating allegations of fund misappropriation at the Mauritius Investment Corporation (MIC), focusing particularly on a Rs 400 million transaction related to the acquisition of the Ambre Hotel. This transaction, which took place on June 7, 2024, involved the purchase of 70% of the hotel shares from East Coast Hotel Investment.
In this context, a financial assistance request for €48 million, approximately Rs 2.4 billion, was submitted to the MIC.
Reports from the Bank of Mauritius (BoM) indicated that a transaction advisor connected to the former government allegedly received a commission of Rs 400 million.
Verde Frontier Solutions Ltd, led by the couple Dirish and Venna Noonaran, is currently under scrutiny.
The investigation is also looking into the role of Pulse Analytics, which will represent a separate phase in examining the alleged irregularities within the MIC.
As the MIC finds itself embroiled in another financial misconduct investigation, the arrest of its former CEO, Jitendra Bissessur, appears imminent.
The Anti-Money Laundering Unit (AMLU) of the CCID is currently reviewing this case, involving significant ties to the BoM, an institution operating under the Ministry of Finance.
The inquiry particularly focuses on the connections between Renganaden Padayachy and Jitendra Bissessur.
To date, the AMLU has interviewed several individuals concerning a financial assistance request submitted by Menlo Park Ltd/Pulse Analytics to the MIC.
On January 9, a web design expert confirmed that he created a visual presentation for a project proposed by Menlo Park Ltd, a company led by Stéphane Adam and his sister, Queenie Adam, which had secured loans amounting to USD 1 million, roughly Rs 45 million at the time.
The brother-sister duo has also been interviewed since the beginning of the week.
During his interview on January 9, Mardayah Kona Yerukunondu, the former Deputy Governor of the BoM and a member of the MIC board, highlighted that the MIC’s investment committee thoroughly reviews all requests for financial assistance.
The CCID investigators have collected numerous documents from the individuals who have been interviewed, which will undergo detailed analysis.
The AMLU plans to conduct additional interviews next week to further advance the investigation.
Source: Defi Media