Fines totalling Rs 1 Million for Dream Price

11 years, 9 months ago - July 25, 2012

Having pleaded guilty of thirty-six cases of money laundering, the supermarket chain family Fauzee was fined Rs 30,000 for each offense committed.

The supermarket chain Dream Price was sentenced this Tuesday, July 24, 2012 by the intermediate court in carrying thirty-six fines totaling Rs 1.08 million for thirty-six cases of laundering a sum exceeding Rs 20 million.

Dream Price had been charged by the Anti-Corruption Commission in 2008 for not having made payments bank under section 5 of the Financial Intelligence and Anti Money Laundering Act (FIAMLA). Between October and December 2005, directors were conducting banking transactions exceeding Rs 350,000 in cash when they should have them by check. The payments varied between Rs 373,000 and Rs 900,600.

The company Fauzee Bros & Co Ltd, based in the 16th Mile, Forest-Side, manager of the chain Dream Price, had first petitioned the Supreme Court to contest the charge of the Anti-Corruption Commission. But two weeks ago, she decided to plead guilty, which explains the fine of Rs 30,000 imposed on each of the crimes she committed.

Abdool Muryoodeen Fauzee, manager of the family company, explains that the money represented sales of products in its supermarkets.

Text by lexpress.mu

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