Former SBM CEO Premchand Mungur Arrested by FCC

Premchand Mungur, the former CEO of the State Bank of Mauritius (SBM), was arrested by the Financial Crimes Commission (FCC) on June 18th, Wednesday morning.

Mungur, who also served as president of the SBM’s Management Credit Forum, is suspected of misleading the bank’s board to approve a loan of Rs 470 million to Dhyanavartam Ltd.

The company is reportedly linked to the spouse of the former Prime Minister Pravind Jugnauth.

This decision allegedly exposed the bank to significant financial risks.

Premchand Mungur was eventually granted conditional release after providing two bail bonds of Rs 450,000 each and signing a surety for Rs 5 million.

He is facing a provisional charge of “fraud by abuse of position.”

Source: Defi Media