Rs300 Million MIC Scandal: Padayachy Granted Conditional Release

Renganaden Padayachy, the former Minister of Finance, has been granted conditional release this Monday – April 14, following five days of detention. This pivotal decision came after an investigator from the Financial Crimes Commission (FCC) informed Magistrate Prashant Bissoon that the commission no longer opposed Padayachy’s bail application.

The Port-Louis court has set two bail amounts of Rs 300,000 each, alongside a bond of Rs 5 million, thus allowing Padayachy to regain his freedom.

He is represented by the esteemed lawyer, Me Raouf Gulbul.

To recall, Padayachy was arrested last Wednesday -9th April as part of an investigation into an alleged misappropriation of Rs 300 million, which is said to have adversely affected the Mauritius Investment Corporation (MIC). He is currently facing a provisional charge of “fraud by abuse of position.”

In a statement reflecting the gravity of the moment, Me Gulbul expressed his elation at securing his client’s release.

“It is a significant day for Padayachy! This Monday also coincides with the Tamil New Year,” he remarked.

However, he cautioned that the investigation remains intricate and may extend for a considerable duration.

“My client will remain available to the investigators,” he added, underscoring his commitment to transparency in the ongoing proceedings.

Thus, Renganaden Padayachy steps back into the world after 5 days of confinement.

Source: Defi Media / Defi Media1