2 Arrested: Bissessur & Ballah Caught Up in Alleged MIC Fraud Scandal

In a significant twist, both former CEO Jitendra Bissessur and ex-company secretary Diya Sewraz Ballah have been arrested amid serious allegations of financial misconduct. The arrests come as part of a far-reaching investigation into a purported Rs 300 million fraud that has shaken the Mauritius Investment Corporation to its core.

Jitendra Bissessur, the former CEO of the Mauritius Investment Corporation (MIC), has been detained under Section 43 of the Financial Crimes Commission Act, addressing fraud through the abuse of position.

This follows a tense hearing held by the Financial Crimes Commission (FCC) on the afternoon of 2nd April.

The inquiry centres around an astonishing suspected misappropriation of Rs 300 million, allegedly benefiting Apavou Hotels Ltd at the expense of the MIC.

This interrogation was seen as pivotal, especially after startling revelations from Louis Rivalland, a member of the MIC’s board.

Rivalland has raised concerns about the supposed forgery of minutes related to the purchase of 70% of the shares in the Ambre Hotel.

While the board had approved a buying price of Rs 2.1 billion, a shocking € 48 million —equivalent to Rs 2.4 billion—was finally transferred.

Compounding the situation, Diya Sewraz Ballah, the former company secretary of the MIC, was also arrested and held by the FCC that same night, as part of the ongoing investigation initiated by Rivalland’s allegations.

The scale of these claims is alarming, with both Bissessur and Ballah set to appear before a judge at the Port-Louis Court on Thursday, 4th April.

Source: Defi Media / Defi Media