Investigation into Toxic Loans: The Billions Acquired by Maradiva Under the FCC's Microscope

The investigation into the 'Toxic Loans' is intensifying as the Financial Crimes Commission (FCC) scrutinizes loans granted to Maradiva Villas Resort & Spa. Arrests, allegations of interference, and massive financing are at the heart of a case expected to evolve in the coming days.

The 'Toxic Loans' issue continues to create waves. Central to the investigation are the substantial funds allocated to Dhyanavartam Ltd, formerly known as Mauriplage Beach Resort Ltd, the management of Maradiva Villas Resort & Spa in Wolmar. Between 2020 and 2024, the luxury hotel secured Rs 1.65 billion in loans. The FCC suspects irregularities in the granting of these funds and is trying to determine whether acts of interference facilitated their acquisition.

The FCC has meticulously examined the various financial aids provided by public institutions and banks to Dhyanavartam Ltd. In December 2020, Rs 650 million was allocated by the Mauritius Investment Corporation (MIC) for hotel renovations. These funds were actually disbursed in June 2022.

In February 2024, just eight months before the general elections, an additional Rs 650 million was approved as part of a financial aid package. This revelation was made during a MIC board meeting, which also endorsed an extra financing of Rs 350 million, bringing the total disbursed funds to Rs 1.65 billion for Dhyanavartam Ltd.

The FCC is seeking to understand how the Rs 650 million disbursed in June 2022 was 'topped up' in February 2024 by an identical amount. These figures were only made public in April 2025 when a document detailing payments made to Mauriplage was released.

In this context, the State Bank of Mauritius (SBM) granted a loan of Rs 470 million to Dhyanavartam Ltd for a villa construction project. According to the FCC, the approval of this financing allegedly deviated from the bank's internal procedures, especially since investigators claim that Dhyanavartam Ltd was in a financially 'red' situation at that time.

'Questionable' Meetings

Sanjiv Ramdanee, the director of Maradiva, is the second individual arrested in this matter. He has been charged with conspiracy and was released on December 5 after posting bail of Rs 700,000 and signing a debt acknowledgment of Rs 5 million. The brother-in-law of former Prime Minister Pravind Jugnauth spent a night at the Moka Detention Centre before his conditional release. The first arrest targeted the former CEO of SBM, Premchand Mungur, suspected of facilitating the granting of certain loans by offering favors.

During his hearing at Réduit Triangle on Tuesday, Sanjiv Ramdanee maintained that all procedures undertaken by his company regarding financial aid requests were conducted properly. "I cannot interfere with the bank's procedures," he insisted. He is represented by attorney Hervé Duval and firmly denies any involvement.

Investigators are trying to establish the circumstances surrounding certain meetings between the director of Maradiva and other parties involved in the case. These meetings, deemed 'questionable', allegedly preceded the approval of the loans. Ramdanee acknowledges these exchanges but denies any attempts to influence bank decision-makers.

The investigation also aims to determine whether there is any connection between Ramdanee, former SBM CEO Premchand Mungur, and the political entourage mentioned in the case – a particularly sensitive point.

The FCC claims to have 'overwhelming' evidence and continues its investigations. With successive loans, controversial meetings, and the precarious financial situation of the borrower, the 'Toxic Loans' case could see new developments in the coming weeks.