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Mauritius promises necessary action

Monday, March 05, 2018

As the alleged Rs 12,600-crore fraud at PNB appears spread across various countries, Mauritius has promised "necessary regulatory action" against all entities found to be linked with any fraudulent practices.

The Financial Services Commission (FSC) of Mauritius said in a statement that it has taken cognizance of the media reports about the purported fraud allegations with regards to Punjab National Bank, Nirav Modi and Mehul Choksi.

"The FSC is assessing the reported information and is closely monitoring the matter in collaboration with the Bank of Mauritius, the Mauritius Revenue Authority and the Financial Intelligence Unit," it said.

The FSC, regulator of non-banking financial services and global business sectors in Mauritius, said it will take "necessary regulatory action" against any of its licensee, as also individuals or companies under its jurisdiction, "found to be linked with any illegal, harmful and/or fraudulent practices that may cause any prejudice to the good repute of Mauritius."

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