The FCC Returns Over Rs 15 Million to MauBank

On Monday, November 24, the Financial Crimes Commission (FCC) returned a sum of Rs 15,058,918.21 to MauBank, which represents over 90% of the funds misappropriated during an internal fraud that occurred in 2018. This marks one of the first compensation operations conducted by the FCC's Asset Recovery Unit. The official ceremony took place at the commission's headquarters in Réduit Triangle, with representatives from both institutions present. An agreement was signed, and a symbolic check was handed over to the bank.

The case had a significant impact on the banking sector in 2018 when an employee of MauBank misappropriated nearly Rs 19 million by transferring internal funds to a relative's account on two occasions. The employee was dismissed and prosecuted.

Today, the majority of the funds have been recovered. "This restitution is an important milestone and ranks among the major achievements of the FCC's Asset Recovery Unit. It demonstrates our commitment to upholding the integrity of the financial system and the effectiveness of our investigative and control mechanisms. We will continue to protect victims and rectify damages as much as possible," stated Sanjay Dawoodarry, Acting Director General of the FCC.

This operation results from collaboration between the former Asset Recovery Investigation Division (ARID), which was under the FIU and initiated the investigation, the FCC, which completed the recovery process, and MauBank, the affected party. Institutional continuity allowed the case to reach completion despite the restructuring that occurred.

Rojanjali Vyapoory-Naiken, Legal Manager of MauBank, expressed satisfaction with the outcome. "This restitution illustrates the strength of collaboration between institutions. It shows that coordinated and thorough work can yield tangible results for the financial system and reflects our commitment to the integrity and resilience of the banking sector," she affirmed.