10 Years of Deceit: Lutchmeenaraidoo’s Claims Spark Fury Among BAI Clients

Mavis Latchman, a retired former shareholder of Bramer Asset Management Ltd (BAML), a subsidiary of the BAI Group (British American Investment) has spoken out to condemn the moral outrage stemming from the media resurgence of Vishnu Lutchmeenaraidoo, the former Minister of Finance.

At a press conference on 18 April 2025, Lutchmeenaraidoo reiterated his claims that BAI allegedly operated as a Ponzi scheme. However, the statement stands in stark contrast to remarks made by former Minister Sir Anerood Jugnauth, who confirmed in the National Assembly that no charges had been filed against the 14 individuals arrested in connection with the BAI case, suggesting that the government’s allegations were without merit.

It was in response to a question from Reza Uteem, then an opposition MP, that Minister Mentor Jugnauth disclosed this critical information.

“I am informed by the Commissioner of Police that 14 persons were arrested during the course of inquiry and were released on bail… the DPP advised no further action against the 14 persons,” Sir Anerood affirmed.

This prompted Uteem to ask, “May I take it from the Rt Hon Minister Mentor that, in fact, there was not any Ponzi or Ponzi-like scheme?” Jugnauth, who had previously claimed there was a “vast Ponzi scheme of Rs 25 billion” within BAI, attempted to sidestep the question, reiterating, “The police enquired and when the inquiry was over, the files were submitted to the DPP, and after considering, the DPP found that no further action should be taken.”

Lutchmeenaraidoo’s re-emergence from relative silence, six years after resigning from the MSM government under dubious circumstances allegedly related to his Euroloan scandal, to once again discuss “Ponzi schemes” has sparked outrage among BAI’s former clients.

Mavis Latchman stated, “Like a fox emerging from its den, he returns with even more hatred and aggression to attack the former BAI/Bramer.”

The timing of Lutchmeenaraidoo’s remarks, coinciding with Good Friday—the anniversary of the BAI group’s dismantling in 2015—is perceived by Latchman as a deliberate provocation: “Turning the knife in the wound on that day shows a lack of respect for the Christian community.”

BAI was not a Ponzi

Latchman strongly refuted claims that BAI was a fraudulent operation. “What was the impact of the massive withdrawals by government entities on the bank’s liquidity? What about the ‘massive share transactions’? As a shareholder, I assert that BAI was not a Ponzi scheme but rather a case of insider trading perpetrated by the former MSM government. Why did various institutions not respond to my correspondence?” she questioned.

She further expressed confusion over Lutchmeenaraidoo’s silence between 2009 and 2015, especially given his claims of possessing incriminating evidence against BAI.

“Why did he not speak out during those six years before the crash, particularly if he had proof and if the Whitedot and Sunkai cases were significant?” she asked.

She also raised concerns about a series of suspicious withdrawals: “Several ministers at the time, including Sir Anerood Jugnauth, Pravind Jugnauth, and Roshi Bhadain, withdrew their funds just weeks before the collapse. Is that a coincidence?”

She also challenged the allegation that clients benefited from exorbitant interest rates, asserting, “Vishnu Lutchmeenaraidoo mentions 14%, but I have never met anyone who was offered that. On 26 March 2015, just days before the crash, I renewed an investment in Bramer Asset Management Ltd for five years at 8% per annum. The rate was 6% for one year.”

Latchman highlights that the BAML funds were invested in tangible assets: “Those lands and buildings were there. Dawood Rawat could not take them with him. So where are they now? Who sold them? At what price?”

Beyond her own financial losses, Latchman expressed anger at what she views as organised looting: “The MSM government nationalised the bank and the insurance company, thus appropriating an entire conglomerate without paying a penny.“

She reacted to the stigmatisation of investors, stating, “The insults are unending. Sir Anerood branded us as ‘zougadères’ (gamblers) for investing in companies regulated by institutions. This has been echoed by Vishnu Lutchmeenaraidoo. The implication is clear: if clients of BAI/Bramer are ‘zougadères’ or ‘greedy people,’ then Sir Anerood Jugnauth, Pravind Jugnauth, and Roshi Bhadain—who also invested—are similarly culpable.”

Salim Muthy, representing the former clients of BAI, also hit at Vishnu Lutchmeenaraidoo, calling for a public apology from the former Minister of Finance, explaining that the latter’s remarks had ignited outrage among the investors.

Finally, Latchman addressed Lutchmeenaraidoo’s assertion that Dawood Rawat only reappeared after ten years and a change of government: “It seems he has forgotten the persecution suffered by his (Dawood Rawat’s) family.”

She added a pointed observation on Lutchmeenaraidoo’s long absence: “Perhaps he was too busy profiting from his infamous Euro 1 million loan, obtained at 1.5% from the State Bank of Mauritius.”

A State Affair with Lasting Consequences

In April 2015, the BAI group, under the leadership of Dawood Rawat, was abruptly dismantled by the newly formed MSM government led by Sir Anerood Jugnauth.

Accused of operating a Ponzi scheme through its ‘Super Cash Gold’ product, the group was not targeted based on that product but through Bramer Bank instead.

A coordinated mass withdrawal of funds by public entities precipitated a fatal liquidity crisis, leading to the revocation of the bank’s licence. The National Property Fund Limited was subsequently established to liquidate assets, resulting in significant investor losses.

In 2025, Dawood Rawat filed a complaint along with a claim for Rs 100 billion against the state in the Supreme Court. He accuses the former government of orchestrating a planned dismantling supported by an Interpol report highlighting the political motivations behind the case.

Source: Sunday Times