Mauritius | Finances

April 03, 2013

Alleged Fraud of Rs 700 Million: BoM Had Received an Anonymous Letter Nov. 27, 2012

The alleged fraud of Rs 700 million from a Ponzi scheme caused much ink to Mauritius. Why the authorities have been slow to break before? Defi Media learned that the Bank of Mauritius had been informed of the matter at November 27, 2012. The anonymous letter, however, is not reached the Gouverneur Bheenick.

Indeed, it is November 27, 2012 that anonymous letter landed in the office of First Deputy Governors of the Bank of Mauritius. When questioned, the Governor of the Central Bank, Rundheersing Bheenick said that the letter was not forwarded. He added that the "daily operations of the bank does not fall under the jurisdiction of the Governor."

It was only on December 10, he said, he received another letter and an investigation was started the next day, on a business. It was accused of selling an investment product for a whopping return. This second letter was sent to the Financial Services Commission (FSC), the Financial Intelligence Unit (FIU), the Mauritius Revenue Authority (MRA), the Ministry of Justice and the reduction of Radio Plus. Inspectors from the BoM went to see the manager of the company and a statement was made to the police on 31 December 2012.

The office of First Deputy Governors gave Defi Media his version. He said an investigation had been initiated internally, upon receipt of the letter of 27 November 2012. Unlike the second letter denouncing one company, the first in several denounced. This survey would have taken several days before being transferred to the police. It seems that the First Deputy Governor would not see fit to inform the Governor of the Central Bank.

Note also that the FIU had also been alerted, starting in April 2012 after receiving a Suspicious Transaction Report (STR) for the company Whitedot International Consultancy Ltd.. However, it was not until early 2013, after a formal request made to the Mauritius Bankers Association, other STR were forwarded to the Central Bank.

The Financial Services Commission (FSC), the supreme authority of the financial sector, is also blamed. When she was a company in the viewfinder, it has not acted, preferring to wait for a formal complaint.

 

 

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