Toxic Loans from SBM: No Favor Granted to Maradiva, Says Sanjiv Ramdanee
Toxic Loans from SBM: No Favor Granted to Maradiva, Says Sanjiv Ramdanee
Defi Quotidien
Mon 08/12/2025 - 11:40
The Financial Crimes Commission (FCC) has confirmed that a "crucial" meeting took place between Sanjiv Ramdanee, CEO of Maradiva Resorts & Spas, and Premchand Mungur, then-CEO of the State Bank of Mauritius (SBM), shortly before a loan of Rs 470 million was granted to Dhyanavartam Ltd in July 2024.
Arrested on December 1 and released on bail the following day, Sanjiv Ramdanee admitted to attending this meeting, but asserted during his hearing at the FCC that the loan was "not in any way a favor" to Dhyanavartam Ltd. He explained that all procedures were followed according to the rules and standards in place. He claimed that the loan file was not discussed during this meeting. However, FCC investigators do not seem convinced by his explanations.
During his interrogation at Réduit Triangle, where he was assisted by lawyers Raouf Gulbul and Hervé Duval Jr, Sanjiv Ramdanee clarified that his company needed financing for a development project within the hotel. He emphasized that he had "no technical means to influence the bank's activities."
For the FCC, Sanjiv Ramdanee's family relationship with former Prime Minister Pravind Jugnauth is a sensitive issue. Investigators are trying to determine whether the company received illicit privileges during this loan application. Initial investigations show that Dhyanavartam Ltd was facing significant financial difficulties but still obtained a substantial sum. According to the commission, such a company would normally not have qualified for this type of financing.
Scrutiny of Premchand Mungur's Role
Investigators are also interested in Premchand Mungur's role, suspected of misleading the SBM Board of Directors into approving the loan. The meeting between the two men, confirmed by several witnesses, raises suspicions in this case. The FCC is also exploring the possibility that Premchand Mungur, appointed by the former government, acted as a political nominee. The relationship between Mungur and Ramdanee is under scrutiny as part of the investigation into potential hidden interventions.
In this case, Premchand Mungur was arrested on Wednesday, December 3, for "Fraud by abuse of position" and released on two bail amounts of Rs 700,000 and a debt acknowledgment of Rs 5 million. Sanjiv Ramdanee was granted similar conditional freedom on two bail amounts.
Premchand Mungur, then CEO of SBM, also chaired the Management Credit Forum, the internal body responsible for evaluating loan applications before submission to the credit committee. According to sources close to the investigation, the FCC suspects him of hiding or downplaying certain financial risks associated with the loan request made by Dhyanavartam Ltd.
Investigators also believe that Premchand Mungur failed in his responsibilities by allowing the financing to be approved without conducting all the mandatory preliminary analyses.
Since 2020, Dhyanavartam Ltd has already received significant financial assistance (Rs 1.65 billion) from the Mauritius Investment Corporation (MIC) while Premchand Mungur was leading the bank. However, as early as 2022, unfavorable financial signals and revenue shortfalls were detected, elements that should have influenced the risk assessment. According to the investigation, these critical points were not duly taken into account.
The FCC continues its investigations to determine the exact responsibilities in the approval of this sensitive financing.
