Rs 80 Million Theft from Bramer: Fraudsters Seek Clemency After 14-Year Legal Battle

The Financial Crimes Division of the Intermediate Court has reached a critical juncture in the sentencing of four men involved in a massive theft from the defunct Bramer Banking Corporation (BBC). Chandra Prakashsing Dip and his co-accused now face the court’s judgment after admitting to their roles in a 2011 scheme that siphoned Rs 80 million from the institution.

Presided over by Magistrate Abdool Rahim Tajoodeen, the proceedings follow guilty pleas entered in April 2025 by Dip, Darmendra Mulloo, Sheik Jany, and Muhammad Maulaboksh.

The men were charged under the Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA) for orchestrating money laundering operations that targeted the bank’s offshore clients.

Systemic Theft from BBC

The court heard how the bank was victimised through a series of illicit transfers. Funds belonging to BBC’s offshore customers were diverted into fictitious shell companies, a move that eventually led to nearly fifteen years of litigation.

While the material facts of the theft are no longer in dispute following the defendants’ admissions, the court is now weighing the aggravating and mitigating circumstances of the case.

Restitution Efforts and Civil Settlements

A key element of the defence’s plea for clemency involves the partial recovery of the stolen funds. Me Selva Murday, an attorney testifying for Mr Dip, informed the court of the following:

• In 2021, the liquidator of the victimised bank initiated Supreme Court action to recover the diverted sums.
• Mr Dip reportedly paid MUR 1,945,000 in a “full and final settlement.”
• Stamped documents were produced to show that Mr Dip’s name was subsequently removed from the list of defendants in that civil case.

The Prosecution, led by Me Priscilla Veerabudren, has reserved the right to request further documentation, noting that they have not yet received all relevant papers, including the Statement of Defence.

The Path to Leniency

From the dock, Chandra Dip expressed his “deep regrets” for the 2011 fraud. He claimed he was led into the scheme by a third party, Younousse Kotoaroo—who is pleading not guilty in a separate trial—and offered to testify against him.

Dip, who previously received a presidential pardon in December 2023, highlighted his efforts to rebuild his life over the 14-year proceedings.

He currently runs a small business employing 30 people and has requested the court’s indulgence in light of his restitution payments and family circumstances.

The court will resume deliberations on 24 February 2026 to determine the final penalties for the four defendants.

Source: Defi Media