CCID links Seegolam & Padayachy in MIC Rs45 Investigation

The Central Criminal Investigation Department (CCID) is making notable progress in its inquiry into the suspected misappropriation of USD 1 million within the Mauritius Investment Corporation (MIC). Fresh evidence has emerged linking Harvesh Seegolam, the former Governor of the Bank of Mauritius (BoM), with Renganaden Padayachy, the ex-Minister of Finance, regarding the controversial allocation of Rs 45 million to Menlo Park Ltd, also known as Pulse Analytics.

This contentious financial support, dispensed as part of post-COVID-19 recovery efforts, is currently under rigorous examination by authorities.

The Anti-Money Laundering Unit, which is leading the investigation, intends to reinterview key figures already under scrutiny.

On Thursday, 13 March, Seegolam was questioned alongside his legal representative, as investigators delved into the roles of other individuals involved in the processing of financial aid applications to the MIC during the post-pandemic period.

During this interrogation, he faced incriminating communication exchanges with several parties regarding the negotiations and disbursement of funds intended for Menlo Park Ltd.

These correspondences, which transpired during the funding application process, may highlight external influences that could have impacted the funding decision, including potential interventions from prominent figures.

The CCID team, spearheaded by Assistant Superintendent of Police Balmick Dussoye and Assistant Commissioner of Police Rajcoomar Seebah, is diligently working to strengthen their case before presenting it to the Office of the Director of Public Prosecutions (DPP), which will guide subsequent actions.

Further questioning is anticipated for other involved parties in this intricate matter, notably Stéphane and Mary-Queenie Adam, the leaders of Menlo Park Ltd.

Questionable Meeting

Among the many intriguing aspects, investigators are scrutinising a meeting that took place on 24 August 2024 at the BoM involving Mary-Queenie Adam and Harvesh Seegolam.

The specifics of this meeting raised important questions regarding the criteria for fund disbursement and the participation of influential individuals in the decision-making process.

Menlo Park Ltd, which was registered in December 2023 and is not currently generating any revenue, presented an artificial intelligence project with economic forecasts deemed overly optimistic.

Investigators identified significant deficiencies in the required guarantees and uncovered irregularities in compliance with standards, including a lack of clients and contracts, missing licenses for data storage and usage, and a proposed investment of USD 6.3 million without a clear plan to recover the invested capital.

Interestingly, the Investment Committee had previously reduced the initial funding request from USD 6.3 million to USD 1 million, yet this reduction did not prevent the MIC from granting approval.

Charged with conspiracy to defraud, Mary-Queenie and Stéphane Adam defended their actions during their respective interrogations by shifting the blame onto the MIC Board.

They contended that their financial request had been approved after review and modification by the Investment Committee, allegedly influenced by the trio of Bissessur, Seegolam, and Padayachy.

Investigators are working to trace the alleged interventions that facilitated the “tailor-made” loan request.

Damning Evidence

Since early 2025, the Anti-Money Laundering Unit has gathered substantial evidence against Renganaden Padayachy.

Following Seegolam’s arrest, a “Notice of Arrest on Departure” was issued against the former finance minister to prevent him from leaving the country, a measure endorsed by the Central Crime ACP’s office, which was previously occupied by ACP Krishna Rajaram.

Padayachy will be required to clarify his role on both the BoM and MIC boards during upcoming legal proceedings.

However, it appears that an interrogation of the former finance minister is not on the immediate agenda, according to circulating whispers within the Sterling House offices of the Anti-Money Laundering Unit.

As the investigation continues, officials are meticulously assessing the responsibilities of each individual involved in this extensive case.

The theory of external interventions from high-ranking decision-makers remains a focus for authorities, who are actively seeking additional documentary evidence to bolster their case.

Source: Defi Media