Allegations of Misappropriation - Rs 6 Billion Assets Frozen: Ravatomanga Expected at the FCC
Title: Allegations of Misappropriation - Rs 6 Billion Assets Frozen: Ravatomanga Expected at the FCC
Content: Allegations of Misappropriation - Rs 6 Billion Assets Frozen: Ravatomanga Expected at the FCC.
Defi Quotidien
Date: October 21, 2025 - 10:16
Mamy Ravatomanga is expected to explain suspicious cross-border transactions at the FCC.
- The Malagasy businessman is subject to an international arrest warrant.
Suspected of illicit transfers between Madagascar and Mauritius, businessman Mamy Ravatomanga is expected at the FCC this week to explain a frozen fortune of 180 million USD.
On October 15, 2025, the Financial Crimes Commission (FCC) obtained a Criminal Attachment Order freezing the bank accounts of Maminiaina (Mamy) Ravatomanga, his wife, and companies affiliated with his Sodiat group. This sum, estimated at 180 million USD (approximately Rs 6 billion), is spread across four banks. This measure is part of an investigation into money laundering and illicit transfers between Madagascar and Mauritius.
This week, Mamy Ravatomanga is expected to be summoned to the FCC after exiting a private clinic where he has been hospitalized since Friday due to health issues. He is being defended by lawyer Me Siddhartha Hawoldar. Investigators want to clarify the origin of the funds. The businessman will face accusations of misappropriation made by representatives of the Gen-Z movement, who filed a complaint with the FCC on October 14.
The FCC reportedly acted based on credible information regarding suspicious transfers. Mamy Ravatomanga is under thorough investigation for fund manipulation and illegal financial transactions within various entities of his business empire. A Report on Departure has been issued to prevent him from leaving Mauritian territory.
Mamy Ravatomanga, close to the ousted president Andry Rajoelina, arrived in Mauritius during the night of October 11-12, accompanied by former Prime Minister Christian Ntsay, aboard a private Cessna jet registered in Madagascar. The initial flight plan cited a medical reason, then a tourist visit, before the aircraft was authorized to land urgently due to fuel shortage. An investigative report is awaited to clarify these contradictions. Meanwhile, Christian Ntsay and his associates have left Mauritius.
In an article published by TV5 Monde Mada on October 19, titled "Madagascar: Who is businessman 'Mamy' Ravatomanga, a symbol of the Rajoelina era?", the media mentions a climate of fear surrounding the billionaire. "Before, we were very afraid of him. We didn't dare to speak about what he did. It wasn't possible," testifies Poussy Ravelomanantsoa, a 40-year-old teleoperator at TV5 Monde Info.
The article also highlights reprisals against Ravatomanga's opponents. "Opponents often paid a high price for it," notes Frédéric Lesné, former director of Transparency International Initiative Madagascar (TI-MG). Under the former regime, ex-minister Harry Laurent Rahajason was sentenced to thirty months in prison for false testimony and spreading false news.
Numerous cases involving the businessman have never been resolved in Madagascar, due to, according to the article, his influence over the local judiciary.
"Just a few days after an article was published about mismanagement in the lychee sector, the whistleblower behind these revelations was arrested for defamation," adds Frédéric Lesné.