After Sanjiv Ramdanee, Premchand Mungur Arrested by the FCC

Premchand Mungur, former CEO of SBM, was arrested on Wednesday, December 3, by the Financial Crimes Commission (FCC). Similar to Sanjiv Ramdanee, he is implicated in an investigation concerning an alleged conspiracy to facilitate the granting of approximately Rs 470 million in funding to Dhyanavartam Limited.

Sanjiv Ramdanee, the brother-in-law of former Prime Minister Pravind Jugnauth, was extensively interrogated in the presence of his lawyer, Me Hervé Duval. In the afternoon, both Sanjiv Ramdanee and Premchand Mungur were brought before the Port-Louis District Court before being released on bail.

This marks Premchand Mungur's second arrest in six months related to this case. His first arrest occurred on June 18. He is suspected of misleading the SBM board of directors to secure approval for the Rs 470 million loan granted to Dhyanavartam Ltd.

Charged provisionally with conspiracy, Sanjiv Ramdanee and Premchand Mungur each provided two bail bonds of Rs 700,000 and signed a debt acknowledgment of Rs 5 million. The court imposed several conditions, including not interfering with witnesses, reporting to the nearest police station three times a week, and remaining available for the FCC's investigation needs.