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Menlo Park Ltd Denies Fraud Allegations in Rs 45 Million Dispute

Menlo Park Ltd has formally countered fraud allegations by filing a counter-affidavit in the Supreme Court on Friday, January 24, 2025. This legal dispute between Menlo Park Ltd and the Mauritius Investment Corporation (MIC) has escalated, with Menlo Park Ltd adamantly rejecting accusations concerning the alleged improper use of Rs 45 million in investments.
The developments followed an affidavit submitted by the MIC on December 9, 2024, in which the corporation sought a Mareva injunction to freeze Menlo Park Ltd’s bank account at the Mauritius Commercial Bank (MCB).
To date, the MIC has successfully obtained a provisional order from the Commercial Division of the Supreme Court to freeze that account.
In the December affidavit, which is represented by attorney Kreeti Devi Jugasing-Harrah, the MIC accused Menlo Park Ltd of violating various established regulations.
Allegations included what the MIC describes as the “inappropriate use of disbursed funds,” emphasizing that this matter is involving public funds.
In response, Mary Queenie Adam, director of Menlo Park Ltd, confirmed the receipt of the Rs 45 million investment, noting that the transfer took an unusually long duration of 138 days.
She strongly denied any fraudulent activities and highlighted that an independent auditor’s certificate, which was submitted to the MIC, confirms that “no funds were transferred to any foreign bank account.”
Mary Queenie Adam elaborated on the legitimate use of the funds, detailing that they were allocated for employee salaries, marketing campaign expenses, and business travel for employees to various countries, including Kenya, Dubai, Saudi Arabia, the United States, and India.
In light of this information, she has requested the court to dismiss the Mareva injunction, deeming it baseless.
Furthermore, Adam pointed out that Pulse Analytics is not a subsidiary of Menlo Park Ltd, contrary to implications made by the MIC.
She criticized the MIC for failing to clarify how any alleged fraud occurred, if it existed at all.
Source: Defi Media