Former BoM 2nd Deputy Governor Interrogated in Alleged Fraud Investigation

The Anti-Money Laundering Unit (AML) of the Central CID has questioned Hemlata Sadhna Sewraj-Gopal, the former Second Deputy Governor of the Bank of Mauritius, as part of the ongoing alleged fraud investigation. At the time of her association with the Mauritius Investment Corporation (MIC), she was involved in assessing a financial request from Menlo Park Ltd for facilities amounting to Rs 48 million.

Sewraj-Gopal explained that she joined the MIC Board on June 2, 2020, following a recommendation from Harvesh Seegolam, who was the Governor of the Bank of Mauritius at that time.

She clarified that she served in a Non-Executive Director capacity.

According to her testimony, all funding requests are first processed through two sub-committees: the Audit & Risk Committee and the Corporate Governance Committee, both composed of finance professionals.

Only after thorough evaluation by these sub-committees is a proposal submitted to the entire MIC Board, complete with their recommendations.

Regarding Menlo Park Ltd’s application from July 2014 for a project focused on artificial intelligence, Sewraj-Gopal confirmed that the MIC Board had initially rejected the proposal due to various shortcomings.

However, she could not clarify how the directors of Menlo Park Ltd managed to have their request reconsidered in October 2024.

She maintained that there was nothing illegal about the process and noted that this time, the MIC Board approved the project.

Interestingly, the Bank of Mauritius had introduced an Innovation Hub named Innov8 in September 2024, aimed at fostering research in the Fintech sector, which aligned with Menlo Park Ltd’s AI initiative.

Additionally, it is worth noting that the Bank of Mauritius was the sole shareholder of the MIC.

Sewraj-Gopal emphasized that she performed her duties with professionalism, asserting that decisions on financial assistance are made collectively by the MIC Board members.

Due to legal confidentiality clauses, she indicated that she could not disclose further details regarding specific cases.

However, investigators have discovered that the MIC Board ultimately approved Menlo Park Ltd’s application, contingent upon the company raising USD 5.2 million in funds and adhering to the principles of the Information Security Management System.

As of now, the AML Unit has found no documentation confirming that Menlo Park Ltd secured this required amount.

Source: Le Mauricien