FCC Recovers Rs 15 Million, Returning Majority of Stolen Funds to MauBank

The Financial Crimes Commission (FCC) has successfully recovered and returned over Rs 15 million—the vast majority of funds—to MauBank following a significant internal fraud dating back to 2018.

Key Repayment and Landmark Operation

On Monday, 24 November, the FCC remitted a total of Rs 15,058,918.21 to the bank, representing more than 90% of the money embezzled.

This compensation is notably one of the first such operations conducted by the FCC’s Asset Recovery Unit.

The official ceremony for the handover, which involved the signing of an agreement and the presentation of a symbolic cheque, took place at the commission’s headquarters in Réduit Triangle, attended by representatives from both institutions.

Details of the 2018 Fraud Case

The case, which had shaken the banking sector in 2018, involved a MauBank employee who allegedly diverted nearly Rs 19 million.

The funds were transferred from the institution’s internal accounts to a relative’s account on two separate occasions.

The employee was subsequently dismissed and faced criminal prosecution. The recovery operation has now successfully retrieved the bulk of the funds lost in the fraud.

Official Statements and Institutional Collaboration

Sanjay Dawoodarry, the FCC’s Acting Director General, hailed the recovery as a significant achievement.

“This restitution is an important step and is among the major achievements of the FCC’s Asset Recovery Unit,” he stated. “It attests to our commitment to defend the integrity of the financial system and the effectiveness of our investigative and control mechanisms. We will continue to protect victims and repair damages wherever possible.”

Rojanjali Vyapoory-Naiken, Legal Manager for MauBank, expressed satisfaction with the outcome.

“This restitution illustrates the strength of collaboration between institutions. It shows that coordinated and rigorous work can produce concrete results for the financial system and reflects our commitment to integrity and the resilience of the banking sector,” she said.

The successful operation was the result of collaboration that began with the Asset Recovery Investigation Division (ARID), which initiated the inquiry while it was under the FIU, and the FCC, which finalised the recovery exercise.

The continuity between institutions was credited with bringing the case to a conclusion despite subsequent institutional restructurings.

Source: Defi Media