Mauritius "Toxic Loans and Fictitious Guarantees: Is the FCC Unravelling Mauritius' “Largest Banking Fraud"

It has been reported that Chetan Singh Ramcharitar (alias Rajiv), former Senior Relationship Manager:

• Is indicted on two provisional counts of money laundering totalling Rs 1.2 billion on behalf of seven possibly "fictitious" companies, between October and December 2022.

Investigators

• Accuse Ramcharitar of having orchestrated the granting of fraudulent banking facilities to several companies close to Prateek Gupta, the businessman involved in the Trafigura nickel fraud.
• Are looking into his frequent trips to Dubai and India are being thoroughly analysed to trace the money laundering network and identify possible accomplices.
• Continue its investigation to unravel the involvement of political and parastatal actors in this financial scandal.  

Loans under investigation

1. Rs 3.55 billion of these loans granted between January 2022 and January 2023 were based on fictitious guarantees.
2. Furthermore, an internal audit on February 8, 2024, revealed Rs 7.6 billion in bad debts to the Silver Bank, divided between 55 borrowers (39 foreigners, 16 locals), including:
   1. Rs 3 billion from the Covid Projects Development Fund; and
   2. Rs 880 million in public deposits (NIC, Curepipe and Port-Louis town halls, Mauritius Housing Company).
3. But it is an overall liability of Rs 7.6 billion, which is now weighing down the bank, with non-performing loans for:

1. Ultra Fabric Trading Ltd – Rs 175 million
2. Venus Petrocheum Holding Ltd – Rs 195 million
3. Orchid Organics Holding Ltd – Rs 200 million
4. PennEnergy Investments Ltd – Rs 200 million
5. Artic Ceramic – Rs 175 million
6. Ultron Agro Ltd – Rs 175 million
7. Esokia Group – Rs 157.5 million

Here's a summary of the case todate:

🧾 Key Allegations

• Position: Former Senior Relationship Manager at Silver Bank.
• Charges: Arrested by the Financial Crimes Commission (FCC) under provisional charges of:
• Conspiracy to defraud the bank; and
• Money laundering, under Articles 4, 6(3), and 8 of the Financial Intelligence and Anti-Money Laundering Act.

💰 Scope of the Alleged Fraud

• Total Amount Involved: Estimated at Rs 1.27 billion (approx. USD 27 million).
• Period: Between October 2022 and December 2023.
• Modus Operandi:
• Ramcharitar allegedly conspired with seven client companies of Silver Bank;
• These companies received toxic loans backed by fictitious guarantees; and
• The loans were approved and cleared by Ramcharitar and passed to the bank’s Credit Committee.

🧠 Alleged Connections

• The operation is suspected to be linked to Prateek Gupta, a controversial businessman.
• There are claims of political interference and misuse of public funds, with institutions like:
• National Insurance Company;
• NIC General Insurance;
• Municipalities of Curepipe and Port-Louis; and
• Mauritius Housing Company Ltd depositing large sums into Silver Bank under questionable circumstances.

🚨 Current Status

• Ramcharitar was arrested upon arrival at SSR Airport.
• The FCC objected to his bail, citing risks of tampering with evidence and interfering with witnesses.

RAJIV BARNARD MADI GEORGE

Associated with this is Rajiv Barnard Madi George, whose company, Ultra Fabric Trading Ltd, is suspected of having embezzled Rs 175 million.

Rajiv Barnard Madi George, also known as Rajiv Mady George, is a key suspect in a major financial crime case in Mauritius involving Ultra Fabric Trading Ltd and the alleged embezzlement of Rs 175 million.

🧾 Key Details of the Case

• Identity: Rajiv Mady George is an Indian national and a former auditor at Silver Bank Ltd.
• Arrest Date: He was arrested by the Financial Crimes Commission (FCC) on July 16, 2025
• Allegations:
• He is accused of fraudulently promising a loan to Ultra Fabric Trading Ltd.;
• The loan was never legitimate, and the funds—Rs 175 million—were allegedly misappropriated; and
• He has been provisionally charged and remains in detention pending further investigation.

🏦 Connection to Silver Bank

• Rajiv was reportedly involved in internal operations at Silver Bank, which is already under scrutiny for a broader Rs 1.27 billion fraud involving multiple companies and fictitious guarantees.
• His role appears to have been instrumental in facilitating or covering up the fraudulent transaction linked to Ultra Fabric Trading Ltd.

🚨 Legal Proceedings

• The FCC has taken a firm stance, and Rajiv remains in custody as the investigation continues.
• The case is part of a larger crackdown on financial crimes in Mauritius, with several other suspects and companies under investigation[3].

References

• Rs 175 millions au cœur d’une enquête de la FCC : Rajiv Mady George en ...https://topfm.mu/rs-175-millions-au-coeur-dune-enquete-de-la-fcc-rajiv-mady-george-en-detention-prochaine-audience
• Silver Bank Saga : Rajiv Mady George maintenu en détention https://lexpress.mu/s/rajiv-mady-george-maintenu-en-detention-547472
• Arrest of Mr Barnard Rajiv Kumar MADI GEORGE - fcc.mu https://fcc.mu/arrest-of-mr-barnard-rajiv-kumar-madi-george/
• Rajiv Ramcharitar arrêté : Rs 1,27 milliard en jeu https://lexpress.mu/s/rajiv-ramcharitar-arrete-rs-127-milliard-en-jeu-547936
• Opération Tire laliann Kanbar – Silver Bank : l’axe Gupta-Ramcharitar ...https://www.lemauricien.com/le-mauricien/operation-tire-laliann-kanbar-silver-bank-laxe-gupta-ramcharitar-avec-une-1re-tranche-de-rs-12-milliard/680134/
• https://lexpress.mu/s/les-rs-76-milliards-de-prets-toxiques-auraient-ete-detournes-548028?utm_medium=Social&utm_source=LinkedIn#Echobox=1754291177-1