Fraud of Rs 80 Million at the Former Bramer Bank: Chandra Prakashsingh Dip Escapes with Rs 1,330,000 in Fines
The Financial Crimes Division has fined Chandra Prakashsingh Dip, son of former police commissioner Anil Kumar Dip, Rs 1,330,000 on Friday, April 17, 2026, in relation to an Rs 80 million fraud case involving the former Bramer Bank. However, the court noted that Younousse Katoaroo, a key player in this case, was not called to testify.
On the other hand, Darmendra Mulloo was sentenced to nine months in prison and fined a total of Rs 5,056,000. He has appealed the sentence and will complete the necessary formalities this Saturday to regain his freedom on bail pending his appeal trial.
Muhammad Saif Ullah Maulaboksh received an 18-month prison sentence and was fined Rs 1,580,000, while Sheik Mohammed Khadafi Jany has to pay Rs 125,000 in fines.
The verdict was delivered by magistrate Abdool Raheem Tajoodeen a year after the defendants pleaded guilty. The accused include Darmendra Mulloo, 47, Chandra Prakashsingh Dip, 44, Sheik Mohammed Khadafi Jany, 52, and Muhammad Saif Ullah Maulaboksh, 35. All four were charged with money laundering.
The fraud involved Rs 80,000,000, which harmed two foreign clients of the former Bramer Bank. The magistrate noted that approximately Rs 39,619,000 was transferred to accounts linked to the defendants. From this amount, Darmendra Mulloo received Rs 10,738,000, Chandra Prakashsingh Dip received Rs 3,500,000, and Muhammad Saif Ullah Maulaboksh received Rs 25,381,000. Sheik Mohammed Khadafi Jany was associated with transactions totaling Rs 432,000.
Regarding the absence of Katoaroo, the court highlighted a discrepancy in testimonies concerning the masterminds of the fraud. While Younousse Katoaroo implicated Darmendra Mulloo and Chandra Prakashsingh Dip, the judgment states that "there is no direct evidence" establishing their roles as masterminds. It also points out that Younousse Katoaroo, a bank employee involved in the fraud, was not called to testify despite having stated during his trial that he was willing to do so. He faced charges for laundering Rs 8 million and was fined Rs 650,000.
Magistrate Abdool Raheem Tajoodeen compared Chandra Prakashsingh Dip's situation with that of Younousse Katoaroo, noting that Katoaroo, who received Rs 8,000,000, made no repayments and was fined Rs 650,000. The magistrate suggested that a prison sentence for Chandra Prakashsingh Dip, who received Rs 3,500,000 and repaid Rs 1,945,000, was not warranted.
The court also acknowledged that the investigation by the deceased Independent Commission Against Corruption (Icac) originated from a news article. It relied on the testimony of Robert Seeruthun, then Chief Investigator, along with police inspectors Rakesh Jhankur and Ravindranath Ajodha. While the documentary evidence demonstrated financial flows, it was insufficient to establish who orchestrated the entire fraud.
The court emphasized the seriousness of the offenses and "the public interest in deterring such crimes," while considering mitigating circumstances, including guilty pleas, cooperation with investigators, and the elapsed time since the offenses.
In his verdict, magistrate Abdool Raheem Tajoodeen expressed several reservations regarding the prosecution's conduct. He noted that the prosecution heavily relied on statements from Younousse Katoaroo to the police, which he termed potentially "hearsay," without Katoaroo being called to testify for cross-examination. He also mentioned the lack of direct evidence to clearly identify the masterminds of the fraud, despite the investigation's assertions. He highlighted that no precedent was provided by the prosecution to support its claim that guilty pleas could lead to concluding the defendants' roles as "masterminds," limiting the scope of its conclusions on this point.
The events date back to 2011 when Mohamad Issa Soormally, the former vice-president of the defunct Bramer Bank, stated that two official complaints were filed by two international clients, Carreira and Serra. Their offshore accounts, in US dollars and euros respectively, were managed by Irfaan Hausmuddy and Younousse Katoaroo, two employees of the bank at that time.
A comprehensive audit investigation was conducted at the bank. He later explained that for these offshore accounts, any fund transfers were made via "SWIFT transfer," with indications of the debited account, the beneficiary's account, and the client's signature, all carried out electronically.
According to the witness, Irfaan Hausmuddy was the initiator, while Younousse Katoaroo verified all fund transfers from Carreira and Serra's offshore accounts.
The banking investigation revealed that an amount of Rs 80 million had been embezzled. Mohamad Issa Soormally presented an email from Carreira that triggered the investigation at the defunct Bramer Bank, along with Carreira's account statement, an email from Carreira to Irfaan Hausmuddy and Younousse Katoaroo requesting the refund of his money, and a letter addressed to the defunct Bramer Bank by Carreira stating that he was defrauded of $725,000.
Mohamad Issa Soormally also produced an email sent by Serra indicating he was defrauded of €807,000, along with a document detailing fourteen fraudulent transactions on Serra's account and its beneficiaries.
The bank reimbursed the embezzled amount to Carreira and Serra. However, the exact amount has not been recovered.
Darmendra Mulloo stated that he provided information leading to the arrest of others involved in this case. He admitted to transferring the embezzled money from the defunct Bramer Bank to other accounts with the complicity of Younousse Katoaroo. He obtained between Rs 9 million and Rs 10 million.
He acted under Younousse Katoaroo's instructions and claimed that this case had caused him significant harm over the past fifteen years.
Chandra Prakashsingh Dip expressed remorse and pleaded for leniency from the court. The son of former police commissioner Anil Kumar Dip claimed he was deceived by Younousse Katoaroo. He denied giving instructions to Younousse Katoaroo and stated that he has had no legal troubles since 2011.
Sheik Mohammed Khadafi Jany maintained that he received no money from this massive fraud. He claimed that the son of his employer, Muhammad Saif Ullah Maulaboksh, had given him money for employee payments in his father's absence. Sheik Mohammed Khadafi Jany stated he suffered from heart problems as a result of this case.
Muhammad Saif Ullah Maulaboksh indicated that all the money was handed to Younousse Katoaroo, whom he has known since childhood. He denied giving instructions to Katoaroo. He explained that Katoaroo told him that a foreign client wanted to invest in Mauritius. Since he was in the construction sector, he accepted construction projects and provided Katoaroo with all the details about his companies' bank accounts.
Chandra Prakashsingh Dip, a former auditor at De Chazal Du Mée (DCDM), received a presidential pardon on December 27, 2022. A twelve-month prison term from the Intermediate Court on February 26, 2018, was commuted to a fine of Rs 100,000. This decision was part of a collusion case aimed at committing fraud of Rs 3 million against The Diadeis Maurice Ltée company.
This matter sparked significant controversy. Subsequently, the DPP filed a request for a review of the decision of the Grace Petition Commission with the Supreme Court.
On February 28, 2024, the Supreme Court rejected the DPP's request for judicial review. In their judgment, judges Iqbal Maghooa and Pravin Harrah ruled that the Grace Petition Commission "is master of its own procedure." They also deemed it inappropriate for the Supreme Court to "dictate" how the commission's prerogative should be exercised. The judges noted that Chandra Prakashsingh Dip had already paid the fine on December 29, 2022.
Solicited for comments, Me Princilla Vanishee Veerabudren, Senior Assistant Director of Public Prosecutions, stated, "We need to review the verdict before deciding whether the DPP will appeal or not. We must first familiarize ourselves with the verdict in its entirety. The DPP's office will have twenty-one days to decide whether to file an appeal."
Me Samad Golamaully, lawyer for Mulloo, expressed satisfaction with the verdict, except for the prison sentence imposed on his client. He lamented that this case has dragged on for fifteen years. "For me, it is not right at all; there are several reasons for the delays; a trial cannot take this long," according to Me Samad Golamaully. He also mentioned that his client would have to spend a night in jail due to the late closing of the cash office.
