Port Louis, April 16 — Former Mauritian Finance Minister Renganaden Padayachy was arrested on Wednesday in connection with a second fraud investigation, just two days after being released on bail in an earlier case involving the Mauritius Investment Corporation (MIC), police confirmed.
The latest arrest, carried out at the request of the Financial Crimes Commission (FCC), relates to the MIC’s payment of approximately $1 million to Menlo Parks Ltd, operating under Pulse Analytics — a company known for its political polling and analysis on social media. The MIC, established in 2020 by the Bank of Mauritius to support local businesses during the Covid-19 pandemic, has come under increased scrutiny over several controversial investments.
Police sources indicated that officers searched two properties belonging to Padayachy as part of the ongoing investigation. The former minister is expected to appear in court for questioning.
Padayachy had already faced fraud charges in a separate case involving MIC’s investment in EastCoast Hotel Investment. Authorities allege that Padayachy and Harvesh Seegolam, former Governor of the Central Bank of Mauritius, artificially inflated the company’s valuation, leading to a loss of approximately $6.7 million for the MIC. He was granted bail on Monday after five days in custody.
Seegolam, who has also been charged with fraud in the EastCoast case, was arrested and released on bail in January in connection with the Menlo Parks Ltd/Pulse Analytics matter — a case in which Padayachy had not initially been implicated.
The arrests come amid heightened concerns over corruption and governance in Mauritius, long considered one of Africa’s most stable democracies. The developments also follow last year’s general election victory by a coalition led by former Prime Minister Navin Ramgoolam, who returned to power after a decade in opposition.
The election campaign was dominated by debate over economic management and the integrity of public institutions, as pressure mounts on authorities to ensure transparency and accountability in the handling of public funds.