Internal Fraud in 2018: The Financial Crimes Commission Makes a Significant Return to MauBank

On Monday, November 24, 2025, the Financial Crimes Commission (FCC) returned a substantial amount of MUR 15,058,918.21 to MauBank, representing over 90% of the funds misappropriated during an internal fraud incident that occurred in 2018. This marks one of the first compensation operations conducted by the FCC's Asset Recovery Unit. The official ceremony, held at the FCC headquarters in Réduit Triangle, included the signing of an agreement between the FCC and the bank, as well as the presentation of a symbolic check.

This case had a significant impact on the banking sector in 2018, when an employee of MauBank misappropriated approximately Rs 19 million by transferring the funds to a relative's account on two occasions. The money came from the bank's internal funds and not from customer accounts. The employee was subsequently dismissed and criminal charges were filed against him.

Today, more than 90% of the misappropriated funds have been recovered and returned to the bank. "This restitution is an important milestone and is among the major achievements of the FCC's Asset Recovery Unit. It also demonstrates the commission's unwavering commitment to safeguarding the integrity and resilience of our financial system, as well as the proven effectiveness of its investigative, monitoring, and response mechanisms. The FCC is also committed to protecting victims and remedying the harm suffered as much as possible. I would like to sincerely thank all the teams whose dedication, professionalism, and expertise have contributed to the success of this investigation," stated Sanjay Dawoodarry, Acting Director General of the FCC.

This restitution resulted from a tripartite collaboration between the former Asset Recovery Investigation Division (ARID), then under the FIU, which initiated the investigation; the Financial Crimes Commission (FCC), which took over the case and carried out the recovery exercise; and MauBank, the victim and aggrieved party in this case. Institutional continuity seems to have functioned well despite the restructuring – the investigation initiated by the ARID was able to conclude under the FCC, which is encouraging for other ongoing cases in transition.

Ms. Rojanjali Vyapoory-Naiken, Legal Manager of MauBank, expressed satisfaction with the outcome of the investigation. "This restitution illustrates once again the strength of collaboration between institutions and demonstrates that coordinated, methodical, and rigorous work can yield tangible results for the entire financial system. It reflects our commitment to integrity and resilience in our banking sector," she concluded.