Alleged Embezzlement Involving Foreign Companies: A Recycling Company Executive Arrested

An executive of a recycling company has been arrested for alleged embezzlement involving several foreign companies. The charges pertain to fraudulent maneuvers that resulted in a financial loss estimated at over Rs 1.4 million.

The 51-year-old suspect confessed during his interrogation. He appeared in court in Pamplemousses yesterday and was remanded in custody.

According to the investigation, foreign companies specializing in the import-export of recyclable materials were allegedly victims of fraudulent practices spanning several years. The transactions involved the export of recycled paper, cardboard, and other recyclable waste to India, Canada, and other countries. Agreements included the payment of advances in exchange for quick shipments and the provision of compliant export documents.

In an initial case from last June, a company based in Singapore claims to have paid an advance of $7,000, approximately Rs 470,000, for the shipment of five containers. However, the goods were never exported, despite repeated assurances and the provision of false container details.

A second case, dating back to January 2022, involves a Canadian company that reportedly transferred nearly Rs 575,000 for a shipment of recycled paper that never left Mauritius. Finally, in April 2024, an Indian company reported a partially delivered shipment of cardboard that was never completed, resulting in a loss estimated at over Rs 370,000.

The total amount allegedly embezzled exceeds 1.4 million rupees, not including additional business losses suffered by the complaining companies.