PORT LOUIS, Mauritius — April 16, 2025 — Renganaden Padayachy, the former Finance Minister of Mauritius, was arrested on Wednesday, April 16, just days after being released on bail for a prior fraud charge. This latest arrest stems from an ongoing investigation into fraudulent activities related to the Mauritius Investment Corporation (MIC), a government body set up in 2020 to help businesses during the COVID-19 economic downturn.
The Financial Crimes Commission (FCC) has launched a probe into a $1 million payment from the MIC to Menlo Parks Ltd., a political polling firm, also known as Pulse Analytics, which has gained notoriety for its political commentary on social media.
Sources close to the investigation revealed that authorities executed searches at two properties belonging to Padayachy on Wednesday, as part of their efforts to gather evidence for the new fraud allegations. Padayachy is expected to appear in court soon to address these charges.
Padayachy had previously been charged in connection with a separate fraud case involving the MIC and EastCoast Hotel Investment, a company that suffered a $6.7 million loss due to alleged manipulation of the company’s value. He was released on bail related to this case on April 14, 2025, after spending five days in custody.
Meanwhile, former Central Bank of Mauritius Governor, Harvesh Seegolam, who also faces fraud charges over the EastCoast Hotel Investment case, had been arrested earlier this year in relation to the Menlo Parks Ltd. payment but was released on bail. Padayachy had not been implicated in this case initially.
These developments come amid Mauritius’s political landscape being shaped by the return to power of Prime Minister Navin Ramgoolam after a decisive election victory. His coalition has raised concerns about political and economic stability in the country, which has been affected by these ongoing fraud investigations.
