Mauritius’s ex-finance minister, Renganaden Padayachy, was rearrested on Wednesday, April 16, 2025, just two days after being freed on bail for a prior fraud charge, in connection with a new fraud investigation, according to police reports out of the Indian Ocean island nation.
This latest arrest, prompted by the Financial Crimes Commission (FCC), centres on allegations of fraud against the Mauritius Investment Corporation (MIC).
The MIC was established in 2020 by the Bank of Mauritius to assist businesses in navigating the economic impact of the COVID-19 pandemic.
In this instance, police are examining a roughly $1 million payment from the MIC to Menlo Parks Ltd./Pulse Analytics, a polling firm known for its political commentary on social media platforms.
Sources close to the investigation indicate that authorities conducted searches of two properties belonging to Padayachy on Wednesday.
He is expected to be brought before a court for questioning regarding these new allegations.
Padayachy had previously been charged with fraud related to an earlier MIC case concerning the alleged manipulation of the value of EastCoast Hotel Investment, a company the MIC invested in, leading to a loss of approximately $6.7 million.
He was released on bail in that matter on Monday, April 14, after five days in custody.
The former governor of the Central Bank of Mauritius, Harvesh Seegolam, who also faces fraud charges in the East EastCoast Hotel Investment case, was himself arrested and subsequently released on bail in January concerning the Menlo Parks Ltd./Pulse Analytics payment—a case in which Padayachy was not initially implicated.
These legal developments follow a decisive victory in parliamentary elections last year by a coalition led by Prime Minister Navin Ramgoolam, who returned to power in Mauritius after a decade in opposition.
The election campaign was notably influenced by concerns about the political and economic stability of the country.
