Mauritian authorities are taking steps to bring nine former executives and ultimate beneficial owners of the defunct Silver Bank Ltd to justice. The individuals, who fled the island, are wanted in connection with an alleged Rs 7 billion toxic loans scandal. Prime Minister Navin Ramgoolam disclosed that international arrest warrants and Interpol Red Notices are being sought for the suspects.
The Financial Crimes Commission (FCC) is leading the investigation, working with the Director of Public Prosecutions and the Commissioner of Police. The FCC has initiated steps to institute provisional charges in absentia against the suspects. The targeted group comprises eight foreign nationals and one Mauritian citizen who were involved in the management of Silver Bank Ltd.
Those named in connection with the proceedings include Prateek Gupta, Ginni Gupta, and Purushotam Menon, identified as the bank’s ultimate beneficial owners. Other suspects include Vasil Revishvili, former Chief Executive Officer (CEO) and executive director; Alexander Bello, former interim CEO; Mayur Somani, head of risk and credit; Shriram Jambhekar, bank executive; Ritesh Chainani, financial officer; and Sheikha Koodooruth, a Mauritian national and former Senior Manager of Operations.
The suspects departed Mauritius between January 2023 and February 2025 without returning. Mutual legal assistance requests have been formally lodged by the FCC with authorities in the United Arab Emirates, Singapore, Seychelles, and South Africa. Responses to these requests are currently pending, as the investigation continues.
The ongoing investigation into the bank’s alleged Rs 7bn toxic loan losses has seen 125 individuals questioned by the FCC to date. Of those interviewed, 79 were heard as witnesses, while 46 were questioned under warning. Among those interrogated are nine Bank of Mauritius officials—six as witnesses and three under warning.
Prime Minister Ramgoolam acknowledged that international ramifications may prolong the overall investigation. However, he stated that the domestic strand of the probe is expected to be concluded within six months. The authorities are working to conclude the investigation and bring the suspects to justice.
The Mauritian government is taking a proactive approach to addressing the scandal. The Prime Minister's disclosure in Parliament reflects the government's commitment to transparency and accountability. The investigation is ongoing, and the authorities are working to recover the alleged losses and hold those responsible accountable.
Key points
- Nine former Silver Bank executives and owners are wanted in connection with an alleged Rs 7 billion toxic loans scandal.
- The suspects fled Mauritius between January 2023 and February 2025 without returning.
- The domestic strand of the investigation is expected to be concluded within six months.
