Mauritius Ex-Finance Minister Rearrested Amid Ongoing Fraud Investigation

Renganaden Padayachy, former finance minister of Mauritius, was arrested again over a fraud case involving an alleged embezzlement of approximately $1 million from the Mauritius Investment Corporation (MIC). This arrest follows his recent release on bail for another fraud case in which he and former central bank governor Harvesh Seegolam are accused of inflating the valuation of a company, resulting in a loss of $6.7 million for the MIC. Both Padayachy and Seegolam have denied any wrongdoing, and Padayachy’s lawyer expressed confidence in his client's cooperation with future investigations. The government's recent accusations suggest that the previous administration, which included the accused officials, misrepresented critical economic data for years. The Financial Crimes Commission (FCC) is leading the investigations into both cases, which are linked to the financial management during the COVID-19 pandemic. The political climate remains tense as the current government grapples with the implications of these allegations on its predecessor's legacy.