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Mauritius - Silver Bank Auditor suspended for filing an AML “STR” linked to Prateek Gupta

29/02/2024

It has been reported in Mauritius [lexpress.mu] that “YANISH SADASING”, a young internal auditor at SILVER BANK was suspended after uncovering suspicious transactions.

The suspicions are connected to PRATEEK GUPTA who is accused of a $577 million nickel FRAUD/SCAM against commodities giant TRAFIGURA GROUP. Further SILVER BANK’S MAJORITY OWNER has links to PRATEEK GUPTA .

Among YANISH SADASING discoveries:

  • Loans of about Rs 7.7 billion granted to companies linked to Prateek Gupta, and
  • Transfers of Rs 18 million made from the bank's coffers.

It has been reported that YANISH SADASING refused to retract his statement despite threats and offers of gifts.

This news follows 2023 events:-

  • In February 2023,
    • The Mauritian regulators had started to examine Silver Bank in wake of Trafigura nickel fraud case
    • The Bank of Mauritius confirmed to the FT
      • That the counterparty involved in the alleged fraud against Trafigura is linked to one of the ultimate beneficial owners of Silver Bank.
    • The UK FT reported.
      • A director at Mauritius-based Silver Bank and a director at its sole shareholder have both previously worked for Indian businessman Prateek Gupta,  
    • Trafigura launched legal proceedings in London against Gupta and a group of companies connected to and controlled by him after having found that some nickel cargoes it received did not contain the metal.
    • The London court imposed a global freezing order
  • In December 2023
    • Gupta failed in his attempt to get a London court to lift a global freezing order on his personal and business assets in a fraud case brought by Trafigura about nickel cargoes.

Sources

MAURITIUS

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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.