PORT LOUIS — Harvesh Seegolam, the former governor of Mauritius’ central bank, was charged with fraud on Thursday and later released on bail, following his arrest in connection with an alleged multi-million dollar embezzlement scheme involving state funds.
Seegolam and former finance minister Renganaden Padayachy are accused of misappropriating 300 million Mauritian rupees (approximately $6.7 million) from the Mauritius Investment Corporation, a fund established to support businesses during the COVID-19 crisis. Both men have denied any wrongdoing.
“Mr. Seegolam is cooperating fully with investigators, providing all necessary information and evidence,” his lawyer told reporters.
While Seegolam was granted bail, the Financial Crimes Commission argued against releasing Padayachy, stating that the investigation remains ongoing. Padayachy remains in police custody and is scheduled to reappear in court on April 17.
Padayachy’s lawyer, Raouf Gulbul, struck a defiant tone, telling reporters, “In a game, the first goal doesn’t decide the outcome. We still have 90 minutes to play. I am not afraid of the new allegations against my client.”
The case is part of a broader crackdown launched by newly elected Prime Minister Navin Ramgoolam’s administration. Since taking office in November, Ramgoolam has accused the previous government of manipulating economic statistics and concealing the true state of public finances.
Among his first actions as prime minister was ordering a comprehensive audit of state accounts. Earlier this year, former prime minister Pravind Jugnauth, who led the previous government, was arrested on money laundering charges, which he has also denied.