Mauritius has issued an arrest warrant for its former finance minister, Renganaden Padayachy, as part of an investigation into alleged embezzlement, according to a police notice published in local newspapers on Tuesday. The move follows the arrest and subsequent release on bail of Harvesh Seegolam, the former central bank governor, who faces charges of conspiracy to commit fraud.
The developments mark the first major actions by Prime Minister Navin Ramgoolam’s administration, which has accused the previous government of manipulating key economic data, including GDP, budget deficit, and public debt figures, over several years.
Padayachy is being investigated for his alleged involvement in the embezzlement of 45 million rupees, reportedly disbursed from the Mauritius Investment Corporation (MIC) to the private company Menlo Park Ltd. He has not yet commented on the allegations.
Seegolam, who was detained last week, was released on bail over the weekend. His lawyer declined to comment on the charges, which stem from accusations of fraudulent activities linked to his tenure at the central bank.
Prime Minister Ramgoolam, who also serves as finance minister, has previously alleged in a parliamentary report that the central bank under Seegolam printed money to fund the MIC. The state-owned corporation was established in 2020 to support businesses affected by the economic fallout of the COVID-19 pandemic.
The investigations signal a crackdown on alleged financial misconduct by the current administration, which has vowed to restore public trust in the country’s economic institutions.
