4th October 2018
Mauritius banking group SBM Holdings said on Wednesday that its Indian operations suffered a cyber fraud earlier in the week, and that the bank has potentially lost up to $14 million. SBM said that no loss had been caused to customers and that the Indian business operations would continue as… Read More
16th April 2018
Mauritius has frozen bank accounts and suspended business licenses linked to Quantum Global Investment Management, a firm through which Angola’s sovereign wealth fund invests much of its cash, according to a court document and a regulatory source. Quantum Global, which said it was cooperating with authorities, is run by Jean-Claude… Read More
14th March 2018
Africa’s only female head of state, Mauritian President Ameenah Gurib-Fakim, is refusing to quit over an expense scandal, just days after it was announced she would resign. Ms Gurib-Fakim denies any misconduct after allegations emerged she made tens of thousands worth of personal purchases on a charity bank card. Her… Read More
11th March 2018
Mauritian President Ameenah Gurib-Fakim, Africa’s only female head of state, is to quit over a financial row. She has been accused of using a bank card provided by a charity to make personal purchases worth tens of thousands of dollars. She is to step down after ceremonies to mark the… Read More
22nd December 2017
An offshore firm connected to the Paradise Papers has been ordered to pay almost €53m after a court ruled it had “manufactured” correspondence in a deliberate attempt to help a mother hide money from her estranged daughter. Appleby Mauritius, an offshore services firm owned by the law firm Appleby until… Read More
26th September 2017
A Mauritian whistle-blower withdrew allegations of money laundering that forced Attorney General Ravi Yerrigadoo to step down this month. Husein Abdool Rahim, who made the allegations earlier in September, said he’d been pressured by Port Louis-based newspaper l’Express and former Financial Services Minister Roshi Badhain into making claims that Yerrigadoo… Read More
14th September 2017
Mauritian Attorney General Ravi Yerrigadoo stepped down to allow an investigation into allegations of money laundering, Prime Minister Pravind Jugnauth said. Yerrigadoo quit at Jugnauth’s request to “ensure the investigation is conducted in a transparent manner,” the premier told reporters Wednesday in the capital, Port Louis. Read More
16th August 2017
A global mining giant seeking public funds to develop one of the world’s largest coal mines in Australia has been accused of fraudulently siphoning hundreds of millions of dollars of borrowed money into overseas tax havens. Indian conglomerate the Adani Group is expecting a legal decision in the “near future”… Read More
24th May 2017
One in five banks in the Asia Pacific expects tax evasion in 2017 to increase 100 to 500 per cent over last year’s levels according to a recent poll by data analytics firm Fico. A further one in five senior fraud managers surveyed said they expect the increase to be… Read More
20th November 2016
All the accused have denied the allegations against them by the investigating agencies and all of them have moved bail pleas in the case. Read More
Must Read

EU states still divided over money laundering reform – sources

European Union states are still divided over an overhaul of rules for the supervision of banks against money laundering, two EU sources said on Wednesday. EU confidential documents show countries had agreed a preliminary common stance on the reform proposed by the European Commission in September which would give more… Read More

Former UBS trader jailed for Britain’s biggest fraud deported

Kweku Adoboli, a former UBS trader jailed for Britain’s biggest fraud over unauthorised trades that cost the Swiss bank $2.3 billion (1.7 billion pounds), has been deported to Ghana, his spokesman said. Adoboli was put on a commercial flight from Heathrow on Wednesday after being detained in Scotland earlier in… Read More