Sanjiv Ramdanee: "I cannot interfere in the bank's procedures"

Defi Plus

Sat 06/12/2025 - 13:00

Sanjiv Ramdanee, head of Maradiva Resorts & Spas, has been charged with money laundering.

The Financial Crimes Commission (FCC) is continuing its investigation into a loan of Rs 470 million from the State Bank of Mauritius (SBM) to Dhyanavartam Ltd, the management company of Maradiva Resorts & Spas, led by Sanjiv Ramdanee. According to the FCC, the circumstances surrounding the approval of this loan would constitute a breach of policy.

The brother-in-law of former Prime Minister Pravind Jugnauth, charged with conspiracy on Wednesday, was released on bail. This is the second suspect arrested, following former SBM CEO Premchand Mungur, who is suspected of facilitating loans to Dhyanavartam Ltd by offering favors. In his defense, Sanjiv Ramdanee has enlisted lawyer Hervé Duval Jr. and was assisted by Me Raouf Gulbul during his questioning at the FCC.

According to FCC information, the loan from July 2024 was intended to fund the construction of villas at Maradiva Resorts & Spa. Sanjiv Ramdanee denied any irregularities: "I cannot interfere in the bank's procedures," assuring that his company followed all necessary steps to obtain the loans.

However, the FCC claims to possess "damning" evidence implicating several parties in facilitating the loan. Further developments are expected in the coming weeks.

Investigators are also trying to establish a connection between Ramdanee, Jugnauth, and Mungur to determine if any pressures or favors influenced the loan approvals, despite Dhyanavartam Ltd's financial situation being classified as "red." Sanjiv Ramdanee confirmed having had "doubtful" meetings with two other parties but denied any malicious intent. The FCC suspects that these meetings aimed to persuade bank decision-makers to approve the requested loans despite the company's critical situation.

Investigators are continuing their work to determine whether SBM's procedures were bypassed. New interrogations and the collection of financial documents are expected to clarify all steps and interactions among the various parties involved.

Financial Aid
The FCC has already scrutinized various financial aids provided by public institutions and banks to Dhyanavartam Ltd, formerly Mauriplage Beach Resort Ltd. In December 2020, Rs 650 million were allocated by the Mauritius Investment Corporation (MIC) for the hotel renovation. In February 2024, eight months before the general elections, an additional Rs 650 million was approved as part of financial aid. This revelation came during a MIC board meeting, which also approved additional funding of Rs 350 million, bringing the total disbursed to Rs 1.65 billion in favor of Dhyanavartam Ltd. The FCC seeks to understand how the Rs 650 million paid in June 2022 was "topped up" in February 2024 by a similar amount. At the time, these figures had not been made public until April 2025, when a document detailing the payments made to Mauriplage was released.