In the Supreme Court: 29 Investors Claim Rs 128 Million from NPFL
On February 12, 2026, the Supreme Court will hear two lawsuits against the National Property Fund Limited (NPFL). Brought by 29 investors from the SCBG and BAM funds, they seek over Rs 128 million for unpaid capital and moral damages, arguing that agreements were signed under duress after 2015.
The first case involves 13 former subscribers of the Super Cash Back Gold (SCBG) plan from the former BAI Ltd. They claim to have 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 the repayments, issuing debenture certificates to ensure gradual compensation of the capital.
According to their complaint, these 13 investors invested Rs 70,329,578. They report having received Rs 45,487,981 and assert that a balance of Rs 24,841,597 remains unpaid. They also claim an additional Rs 21.5 million for moral damages, bringing their total claim to about Rs 46,341,597.
They accuse the NPFL of announcing in 2017 that it could no longer make full repayments. They criticize a proposal for a reduced repayment of 40 to 50% of the remaining capital and cite a July 2017 statement mandating acceptance of the new terms "by August 31, 2017, failing which no repayment shall be entertained." They claim they signed "under duress" and experienced economic pressure along with clauses preventing any legal recourse. This situation has led to a sense 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 emphasize having 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 state they invested Rs 103,281,892. They report having received Rs 59,947,033, estimate that Rs 43,334,859 is still owed, and request Rs 38.5 million for moral damages, totaling approximately Rs 81,834,859.
They explain that a repayment mechanism was established in 2015 and that they developed a "legitimate expectation" of receiving full repayment. They assert that the July 2017 announcement, which mentioned a reduction of 40 to 50% of the remaining capital, disrupted the initial conditions. They argue they signed the agreement under duress, and the idea of unmet legitimate expectations is central to their argument.
The 29 investors are represented by Me Nawaz Dookhee and Me Kaviraj Bokhoree (advocate).