Recycling Executive Held After Rs1.4 Million Fraud Targeting 3 International Firms

A 51-year-old executive of a recycling firm has been remanded in custody after appearing in court on Wednesday, 17 December, charged with the alleged embezzlement of over Rs 1.4 million from multiple foreign companies.

The suspect, who reportedly confessed during police interrogation, is accused of orchestrating a series of fraudulent maneuvers involving the export of recyclable materials to India, Canada, and Singapore.

The court at Pamplemousses ordered his continued detention as investigations into the long-running scheme proceed.

The Fraudulent Scheme

According to investigators, the suspect targeted international import-export firms specializing in sustainable waste.

The agreements typically involved foreign companies paying significant cash advances in exchange for the “rapid shipment” of recycled paper, cardboard, and other recoverable waste.

However, despite receiving the funds and providing what are alleged to be “false container details,” the promised goods were frequently never exported.

Key Victims and Financial Losses

The police investigation has highlighted three major cases spanning the last three years:

• Singapore (June 2024): A firm claims it paid a $7,000 advance (approx. Rs 470,000) for five containers that never left the port.
• India (April 2024): A company reported a partial non-delivery of cardboard, resulting in losses exceeding Rs 370,000.
• Canada (January 2022): A business transferred nearly Rs 575,000 for a shipment of recycled paper that remained on Mauritian soil.

Total Impact

While the primary financial prejudice is currently valued at over Rs 1.4 million, authorities noted that this figure does not account for the additional commercial losses suffered by the victimized businesses. The probe continues to examine whether other international transactions were compromised by similar “fraudulent practices” over the years.

Source: Defi Media