Africa-Press – Mauritius. A significant development in the Financial Crimes Commission (FCC) investigation into alleged money laundering and misappropriation of funds from the Mauritius Investment Corporation (MIC), including the Rs 2.4 billion Apavou Deal, involves former Finance Minister Renganaden Padayachy.
A court has issued an Attachment Order against one of Padayachy’s properties. The Attachment Order targets Padayachy’s residence in Mount Pleasant, Roches-Brunes, officially valued at Rs 9,079,835 but reportedly worth closer to Rs 20 million.
The FCC investigation focuses on the construction of the property by Kuros Construction Ltd, with Padayachy allegedly having an outstanding payment of Rs 9 million.
The FCC has seized construction contracts awarded to Kuros Construction, specifically those in Padayachy’s former constituency, raising suspicions of potential links to misappropriated Covid-19 funds.
The Attachment Order, issued under the Financial Crimes Commission Act of 2023, prevents Padayachy from selling or transferring the property pending the investigation. This is a precautionary measure to prevent asset concealment or liquidation.
The investigation stems from Padayachy’s April 2025 arrest, along with former Bank of Mauritius Governor Harvesh Seegolam, on charges of orchestrating the misappropriation of approximately Rs 300 million through a dubious MIC share acquisition.
The investigation includes searches of Padayachy’s properties, resulting in the seizure of electronic devices. Padayachy, currently on bail, faces strict conditions, including a social media ban on contacting witnesses.
The ongoing investigation is scrutinizing potential links between the construction payment, Covid-19 relief funds, and the MIC fraud allegations. This case highlights the new government’s intensified efforts to audit and rectify public finances.
The coming weeks are critical for Padayachy’s political and personal future as the investigation unfolds. The implications of this case are significant given its scale and the prominent figures involved.
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