FCC’s SBM Nocturnal Raid Findings: Rs 3.5 Billion Loans Linked to Ramdanee Family

On Monday evening, 14th April, a discreet yet pivotal operation unfolded at the State Bank of Mauritius (SBM) Tower, nestled in the heart of the capital. Until the late hours of that night, investigators from the Financial Crimes Commission (FCC) meticulously combed through the offices of SBM Bank Ltd’s headquarters. Armed with a judicial warrant issued on 11 April by a judge, the FCC agents executed a targeted search as part of an investigation into credit facilities suspected of irregularities, granted to companies associated with the Ramdanee family – the in-laws of former Prime Minister Pravind Jugnauth.

In the wake of this unfolding saga, the name of Jitendra Bissessur has emerged prominently. the latter serves as a director on the board of Dhyanavartam Ltd, while also having held the position of Chief Executive Officer at the Mauritius Investment Corporation (MIC).

It is crucial to note that the MIC was responsible for disbursing a staggering sum of Rs 1.9 billion.

Seizure of Strategic Documents

Based on a request submitted by the FCC, the warrant empowered officers to search for and seize any documentation pertaining to Dhyanavartam Ltd (formerly Mauriplage Beach Resort Ltd), Cittamekam Ltd, and Westbymj Ltd.

The focus included loan files, valuation reports, sanction letters, credit committee recommendations, due diligence documents, both audited and unaudited financial statements, guarantee contracts, and business plans, alongside any other materials related to the granting of credit.

Rs 3.5 Billion in Non-Performing Loans

At the heart of the investigation lies a staggering Rs 3.5 billion in credit facilities, now classified as non-performing loans.

Dhyanavartam Ltd, the flagship company operating the Maradiva Villas Resort & Spa in Wolmar, reportedly secured an initial loan of Rs 500 million from another bank.

A subsequent request for Rs 200 million was denied, with the bank expressing concerns over its exposure. Furthermore, there has been a failure to repay Rs 1.2 billion to a second bank.

MIC’s Involvement

A significant portion of this financing is believed to have originated from the MIC, which allegedly granted Rs 1.9 billion to Dhyanavartam Ltd, a sum that the company has struggled to manage.

The investigation aims to ascertain whether the lending criteria were adhered to or if there were breaches, favouritism, or irregularities.

Corporate Profile: Shareholders, Losses, and Assets

Dhyanavartam Ltd boasts a declared capital of Rs 328 million, comprising 682,585 ordinary shares.

The company reported a loss of Rs 49.2 million for the year 2022, with long-term borrowings amounting to Rs 1.9 billion.

Key Shareholders Include:

• (Deceased) Kailash Mookteshwar Ramdanee (Rs 4,097,800)
• Kapil Dev Joory (Rs 408,595)
• Lady Ursule Jeanine Ramdanee (Rs 366,200)
• Lala Couldiplall Basanta (Rs 511,275)
• Institutional entities such as MCB Equity Fund Ltd (Rs 837,192) and SBM Holdings Ltd (Rs 544,794)

The company’s real estate holdings are valued at approximately Rs 240 million, encompassing land assets ranging from Rs 6 million to Rs 130 million.

For the financial year 2022, it reported a loss of Rs 49,284,359.

Board of Directors of Dhyanavartam Ltd

• Registered Address: Maradiva Villas Resort & Spa, Wolmar, Flic-en-Flac, Mauritius
• Declared Activity: Training centre and small hospitality
• Declared Capital: Rs 328,066,297 (682,585 ordinary shares)

Board Members:

• Kobita Jugnauth – Chairperson
• Jitendra Bissessur – Director
• Derek Lam Po Tang – Director
• Lady Ursule Jeanine Ramdanee – Director
• Sanjiv Kailash Ramdanee – Director
• Executive Services Ltd – Company Secretary
• Auditor: BDO & Co Ltd

A Web of Interconnected Entities

Cittamekam Ltd, a sister company registered under a tourism licence, is wholly owned by Dhyanavartam Ltd.

Its headquarters is also located at the Maradiva Villas Resort & Spa.

The company has reported neither profit nor loss for its most recent financial year.

Cittamekam Ltd: A Satellite Entity at the Heart of Maradiva Operations

Cittamekam Ltd emerges as a pivotal relay company within the corporate structure of the Ramdanee group. Incorporated under a tourism licence, it operates from the very address of the Maradiva Villas Resort & Spa in Wolmar, Flic-en-Flac.

According to available documents, a portion of the villas within the hotel complex is reportedly sold through this entity, in tandem with its parent company, Dhyanavartam Ltd.

The shares of Cittamekam Ltd are wholly owned by Dhyanavartam Ltd.

• Registered Address: Maradiva Villas Resort & Spa, Wolmar
• Licence: Tourism
• Nature of Activity: Marketing of hotel real estate (villas)
• Declared Capital: Rs 1,000
• Ordinary Shares: 100 shares of Rs 10 each
• Financial Year: No profit or loss recorded

Leadership Team:

• Kobita Jugnauth – Director
• Lady Ursule Jeanine Ramdanee – Director
• Sanjiv Kailash Ramdanee – Director
• Anex Corporate Services Ltd – Company Secretary

In a related development, Westbymj Ltd, engaged in property development, is linked to Alliance Developer Ltd, a company incorporated in January 2023.

Dhyanavartam Ltd holds a 51% stake in Westbymj Ltd. The most recent financial report indicates a loss of Rs 1 million.

Collectively, these entities are suspected of serving as vehicles for high-risk transactions.

Westbymj Ltd: A Property Development Project in Partnership with Alliance Developer

Westbymj Ltd is integral to the Ramdanee group’s property development strategy, particularly concerning the sale of luxury villas at Maradiva.

It operates in partnership with Alliance Developer Ltd, a recently established company.

Together, they spearhead the promotion and sale of high-end residential properties.

• Date of Incorporation: 6 January 2023
• Declared Activity: Development of property projects, sale, and land promotion
• Declared Capital: Rs 10,000
• Ordinary Shares: 100,000 shares

Board of Directors:

• Jean Etchepareborde – Director
• Gaëlle Le Gousse – Director
• Patrick Michael Ruel – Director

Shareholding Structure:

• Dhyanavartam Ltd – 51% (51,000 ordinary shares)
• Alliance Developer Ltd – 49% (49,000 ordinary shares)

Financial Situation:
The most recent financial year, 2023, has reported a net loss of Rs 1,018,279.

An Investigation with Potential Ramifications

The operation conducted on Monday 14th April marks a significant advancement in an investigation that could have far-reaching implications, both within the banking system and across economic spheres.

The FCC continues its inquiries, with new developments anticipated in the days to come.

Source: l’Express