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Home News Mauritius FCC is investigating MauBank, Silver Bank, STC, MMG, and others for crimes, including money laundering.
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Mauritius FCC is investigating MauBank, Silver Bank, STC, MMG, and others for crimes, including money laundering.

04/05/2025

It is reported* that the Mauritian Financial Crimes Commission (FCC) is currently investigating several entities.

  • MauBank,
  • Silver Bank,
  • The State Trading Corporation (STC), and
  • Mercantile & Maritime Group (MMG).

Here are some key points:

  1. State Trading Corporation (STC) and Mercantile & Maritime Group (MMG):
    • The FCC is scrutinising a controversial oil contract awarded by the STC to MMG in 2023.
    • This contract, valued at around Rs 30 billion, was awarded under the administration of former Prime Minister Pravind Jugnauth.
    • MMG, a Bahraini brokerage firm, was not initially among the bidders but was chosen due to favourable payment terms.
  2. MauBank and Silver Bank:
    • The investigation also involves these banks, particularly concerning the financial transactions connected to the STC and MMG contract.
    • There are suspicions that payments were made disguised using various currencies, including dollars, euros, and dirhams.
  3. MauBank
    • MauBank was also allegedly involved in money laundering and handling "toxic loans.". Here are some key details:
      1. Toxic Loans: MauBank, formerly the Mauritius Post and Cooperative Bank (MPCB), is under scrutiny for granting substantial loans classified as "toxic."
        1. Four businesspeople received loans totalling approximately Rs 1.5 billion.
      2. Rakesh Gooljaury's Arrest: Businessman Rakesh Gooljaury was arrested concerning these toxic loans.
        1. He is accused of money laundering activities linked to these loans.
        2. His brother, Prameshwar Gooljaury, was also detained for questioning.
      3. Loan Write-Offs: 2016 MauBank reportedly wrote off a significant portion of these toxic loans, amounting to Rs 565 million.
        1. This action has raised concerns about the bank's financial practices and role in facilitating questionable transactions.

Sources

MAURITIUS MONEY LAUNDERING

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.