By Enyichukwu Enemanna
Mauritian police have issued an arrest warrant for Harvesh Kumar Seegolam, the country’s former central bank governor, over an alleged conspiracy to commit fraud.
Authorities announced the warrant in a notice published in national newspapers on Sunday, stating that Seegolam, currently abroad, will be detained upon his return to the Indian Ocean island.
The anti-money laundering unit, which is leading the investigation, has intensified efforts under the new government of Prime Minister Navin Ramgoolam. Last week, Ramgoolam accused the previous administration of manipulating key economic indicators, including GDP, budget deficit, and public debt figures.
In a report presented to parliament, Ramgoolam also alleged that the central bank irresponsibly printed money to fund the Mauritius Investment Corporation (MIC). Established in 2020 to mitigate the economic effects of COVID-19, the MIC was meant to rely on official foreign exchange reserves rather than newly printed money.
“The printing of money by the Bank of Mauritius to fund the MIC was an irresponsible act with harmful effects on the monetary system, especially when the banking system was already flush with excess liquidity,” the report stated.
Ramgoolam, who recently returned to office after a decisive victory in November’s parliamentary elections, has pledged to restore transparency and improve living conditions in Mauritius.
During his swearing-in as Prime Minister for the third time, Ramgoolam said, “My mission is to ensure that Mauritius is a good place to live.” His five-year term began after securing 62.6% of the vote, defeating former Prime Minister Pravind Jugnauth, who garnered 27.8%.
Seegolam, who became central bank governor at 37 in 2020, replaced Yandraduth Googoolye and was previously the head of the Financial Services Commission. He is the eighth governor of the Bank of Mauritius, established in 1967.
This high-profile case marks a critical step in the new government’s crackdown on alleged financial misconduct and economic mismanagement.
