Mauritius has issued an arrest order for its former finance minister, Renganaden Padayachy, in connection with an ongoing investigation into alleged embezzlement. The police notice, published in local newspapers on Tuesday, revealed the charges, coming just days after the arrest of former central bank governor, Harvesh Seegolam.
Padayachy, who served as the finance minister in the previous administration, is accused of involvement in a scheme that saw 45 million rupees wrongly allocated to Menlo Park Ltd., allegedly to the detriment of the Mauritius Investment Corporation (MIC). The MIC was set up during the pandemic to assist businesses impacted by the economic downturn.
The arrest order follows the recent detention of Seegolam, who was charged with conspiracy to commit fraud and later released on bail over the weekend. These high-profile cases mark a significant escalation in the investigation by the current government, led by Prime Minister Navin Ramgoolam, who has openly accused the previous administration of falsifying economic data, including GDP, budget deficits, and public debt figures.
In his report to Parliament, Ramgoolam also highlighted allegations that the central bank had printed money to fund the MIC, a claim that further fuels the investigation into the country’s financial mismanagement.
Both Padayachy and Seegolam have not yet publicly commented on the charges. As investigations continue, these arrests signal a new phase in efforts to address financial corruption within the island nation’s government and financial institutions.
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