In Supreme Court: 29 Investors Claim Rs 128 Million from NPFL
On February 12, 2026, the Supreme Court will examine two lawsuits against the National Property Fund Limited (NPFL). Filed by 29 investors from the SCBG and BAM funds, they are seeking over Rs 128 million for unpaid capital and moral damages, claiming agreements were signed under duress post-2015.
The first lawsuit involves 13 former subscribers of the Super Cash Back Gold (SCBG) plan from the defunct BAI Ltd. They state they invested in a product that was approved by the Financial Services Commission (FSC). Following the collapse of the BAI group in 2015, they allege that the NPFL took over the management of repayments, issuing debenture certificates to ensure gradual reimbursement of the capital.
According to their complaint, these 13 investors invested Rs 70,329,578. They claim to have received Rs 45,487,981, with a remaining balance of Rs 24,841,597 unpaid. They are also requesting Rs 21.5 million for moral damages, bringing their total claim to approximately Rs 46,341,597.
They criticize the NPFL for announcing in 2017 that it would no longer be able to make full repayments, objecting to a reduced repayment offer of 40 to 50% of the remaining capital. They reference a July 2017 statement mandating acceptance of new conditions by August 31, 2017, stating that otherwise, no repayments would be made. They assert they signed "under duress" and faced economic pressure along with clauses preventing any legal challenge, which contributed to their feelings of financial coercion.
The second complaint comes from 16 former investors of the Bramer Assets Management Fund (BAM), managed by Bramer Property Fund Ltd. They highlight that they invested in FSC-approved products before the 2015 crisis, which followed the revocation of Bramer Bank's license by the Bank of Mauritius.
These 16 investors claim to have invested Rs 103,281,892. They report receiving Rs 59,947,033 and believe that Rs 43,334,859 is still owed, along with a claim for Rs 38.5 million for moral damages, totaling approximately Rs 81,834,859.
They explain that a repayment mechanism was established in 2015, leading them to develop a "legitimate expectation" of full reimbursement. They assert that the July 2017 announcement regarding a reduction of 40 to 50% of the remaining capital disrupted the original terms. They insist that they signed the agreement under pressure, with the notion of unmet legitimate expectation being central to their argument.
The 29 investors are represented by Me Nawaz Dookhee and Me Kaviraj Bokhoree (lawyers).