𝐓𝐡𝐞 𝐒𝐢𝐥𝐯𝐞𝐫 𝐁𝐚𝐧𝐤 𝐒𝐚𝐠𝐚.

BoM has announced on 30 Mar 2026 that the conservatorship of Silver Bank Ltd has been terminated and a receiver has now been appointed. As the public is aware, serious fraudulent transactions and other banking malpractices occurred at Silver Bank which led to the appointment of a Conservator by BoM in Feb 24. Silver Bank was the successor to Banyan Tree Bank, after Prateek Gupta’s spouse was allowed to buy over Banyan Tree Bank, which should have instead been liquidated for bankruptcy. 𝑱𝒖𝒔𝒕 𝒇𝒐𝒓 𝒕𝒉𝒆 𝒓𝒆𝒄𝒐𝒓𝒅, 𝒕𝒉𝒆 𝒂𝒘𝒂𝒓𝒅 𝒐𝒇 𝒂 𝒃𝒂𝒏𝒌𝒊𝒏𝒈 𝒍𝒊𝒄𝒆𝒏𝒄𝒆 𝒕𝒐 𝑩𝒂𝒏𝒚𝒂𝒏 𝑻𝒓𝒆𝒆 𝑩𝒂𝒏𝒌 𝒘𝒂𝒔 𝒈𝒓𝒂𝒏𝒕𝒆𝒅 𝒊𝒏 2012 𝒖𝒏𝒅𝒆𝒓 𝒑𝒐𝒍𝒊𝒕𝒊𝒄𝒂𝒍 𝒑𝒓𝒆𝒔𝒔𝒖𝒓𝒆 𝒂𝒈𝒂𝒊𝒏𝒔𝒕 𝑩𝒐𝑴’𝒔 𝒊𝒏𝒊𝒕𝒊𝒂𝒍 𝒐𝒑𝒊𝒏𝒊𝒐𝒏.

BoM received an application from a prospective investor to buy off Silver Bank, which BoM considered incomplete. According to some unconfirmed press reports, the applicant was Anza Capital Investment LLC, a Dubai company controlled by a sheik of the Abu Dhabi royal family, which has also been funding the lawyers of Prateek Gupta in his court case. A London court found Mr Prateek Gupta guilty of a fraudulent nickel trading scheme targeting Trafigura, a global commodity trader, and ordered him to pay over $700 mn in damages. 𝑰𝒕 𝒊𝒔 𝒔𝒕𝒓𝒐𝒏𝒈𝒍𝒚 𝒔𝒖𝒔𝒑𝒆𝒄𝒕𝒆𝒅 𝒕𝒉𝒂𝒕 𝑷𝒓𝒂𝒕𝒆𝒆𝒌 𝑮𝒖𝒑𝒕𝒂 𝒘𝒂𝒔 𝒃𝒆𝒉𝒊𝒏𝒅 𝒕𝒉𝒊𝒔 𝑫𝒖𝒃𝒂𝒊 𝒂𝒑𝒑𝒍𝒊𝒄𝒂𝒏𝒕 𝒕𝒐 𝒈𝒆𝒕 𝒃𝒂𝒄𝒌 𝒄𝒐𝒏𝒕𝒓𝒐𝒍 𝒐𝒇 𝑺𝒊𝒍𝒗𝒆𝒓 𝑩𝒂𝒏𝒌.

BoM has taken an inordinate amount of time to reject this application and to proceed with the unavoidable decision to put Silver Bank under receivership. Several independent persons have repeatedly urged Govt and BoM to resolve the Silver Bank issue a matter of urgency. 𝑷𝒆𝒓𝒔𝒐𝒏𝒔 𝒂𝒄𝒕𝒊𝒏𝒈 𝒂𝒔 𝒂𝒈𝒆𝒏𝒕𝒔 𝒇𝒐𝒓 𝒕𝒉𝒊𝒔 𝒔𝒖𝒔𝒑𝒆𝒄𝒕 𝑫𝒖𝒃𝒂𝒊 𝒊𝒏𝒗𝒆𝒔𝒕𝒐𝒓, 𝒂𝒏𝒅 𝒄𝒐𝒏𝒏𝒆𝒄𝒕𝒆𝒅 𝒕𝒐 𝒉𝒊𝒈𝒉-𝒍𝒆𝒗𝒆𝒍 𝒑𝒆𝒓𝒔𝒐𝒏𝒔 𝒊𝒏 𝑮𝒐𝒗𝒕, 𝒘𝒆𝒓𝒆 𝒊𝒏𝒔𝒕𝒆𝒂𝒅 𝒑𝒓𝒆𝒔𝒔𝒖𝒓𝒊𝒏𝒈 𝑮𝒐𝒗𝒕 𝒂𝒏𝒅 𝑩𝒐𝑴. The BoM Board should be congratulated for having resisted pressures to accept this dangerous take-over proposal, which would have again led to another bankruptcy and damaged public confidence in the banking sector.

Govt should set up an inquiry into how the previous Govt approved the investment of Mrs Gupta in Silver Bank, at a time when Mr Gupta was already under suspicion for fraud, and into why BoM failed to take any action on Silver Bank for so long. 𝑮𝒐𝒗𝒕 𝒔𝒉𝒐𝒖𝒍𝒅 𝒂𝒍𝒔𝒐 𝒄𝒐𝒏𝒅𝒖𝒄𝒕 𝒂 𝒇𝒐𝒓𝒆𝒏𝒔𝒊𝒄 𝒂𝒖𝒅𝒊𝒕 𝒐𝒇 𝑺𝒊𝒍𝒗𝒆𝒓 𝑩𝒂𝒏𝒌’𝒔 𝒑𝒂𝒔𝒕 𝒕𝒓𝒂𝒏𝒔𝒂𝒄𝒕𝒊𝒐𝒏𝒔 𝒕𝒐 𝒆𝒙𝒑𝒐𝒔𝒆 𝒕𝒉𝒆 𝒗𝒂𝒓𝒊𝒐𝒖𝒔 𝒇𝒓𝒂𝒖𝒅𝒖𝒍𝒆𝒏𝒕 𝒑𝒓𝒂𝒄𝒕𝒊𝒄𝒆𝒔 𝒕𝒉𝒂𝒕 𝒕𝒐𝒐𝒌 𝒑𝒍𝒂𝒄𝒆, 𝒘𝒊𝒕𝒉 𝒕𝒉𝒆 𝒄𝒐𝒏𝒏𝒊𝒗𝒆𝒏𝒄𝒆 𝒐𝒇 𝒐𝒕𝒉𝒆𝒓 𝒑𝒆𝒓𝒔𝒐𝒏𝒔 𝒘𝒊𝒕𝒉𝒊𝒏 𝒕𝒉𝒆 𝑩𝒂𝒏𝒌 𝒂𝒏𝒅 𝒐𝒖𝒕𝒔𝒊𝒅𝒆. These persons are guilty of serious financial crimes, and should not be allowed to get away with it. Although so far, it looks like everyone under inquiry at FCC is enjoying a cheery life, as under the MSM sun.

A forensic audit of the MIC, which represents one of the biggest financial scandals ever in Mauritius, was announced for February 2026 in the latest MIC Annual Report. It is hoped that the BoM Board will similarly resist pressure to block a forensic examination of the funds distributed by MIC in billions of rupees to politically connected persons under the MSM regime. Meanwhile, many of these suspect MIC borrowers have conveniently already gone under receivership, with little hope for MIC to recover its money.

𝑻𝒉𝒆 𝑺𝒊𝒍𝒗𝒆𝒓 𝑩𝒂𝒏𝒌 𝒆𝒑𝒊𝒔𝒐𝒅𝒆 𝒊𝒔 𝒂 𝒔𝒉𝒂𝒎𝒆, 𝒂𝒏𝒅 𝒔𝒉𝒐𝒖𝒍𝒅 𝒔𝒆𝒓𝒗𝒆 𝒂𝒔 𝒂 𝒍𝒆𝒔𝒔𝒐𝒏 𝒇𝒐𝒓 𝑩𝒐𝑴 𝒕𝒐 𝒈𝒓𝒂𝒏𝒕 𝒃𝒂𝒏𝒌𝒊𝒏𝒈 𝒍𝒊𝒄𝒆𝒏𝒄𝒆𝒔 𝒐𝒏𝒍𝒚 𝒐𝒏 𝒔𝒕𝒓𝒊𝒄𝒕 𝒂𝒏𝒅 𝒓𝒊𝒈𝒐𝒓𝒐𝒖𝒔 𝒄𝒓𝒊𝒕𝒆𝒓𝒊𝒂, 𝒂𝒏𝒅 𝒘𝒊𝒕𝒉𝒐𝒖𝒕 𝒑𝒐𝒍𝒊𝒕𝒊𝒄𝒂𝒍 𝒊𝒏𝒕𝒆𝒓𝒗𝒆𝒏𝒕𝒊𝒐𝒏. BoM is currently being politically pressured to award a banking licence to an African financial group, which had previously been rejected as a potential acquirer of another Mauritian bank. As it happens, this potential banking investor is represented in Mauritius by someone closely connected to the Gang of 5 to 25. 𝑩𝒐𝑴 𝒔𝒉𝒐𝒖𝒍𝒅 𝒃𝒆 𝒂𝒍𝒍𝒐𝒘𝒆𝒅 𝒕𝒐 𝒕𝒂𝒌𝒆 𝒊𝒏𝒅𝒆𝒑𝒆𝒏𝒅𝒆𝒏𝒕 𝒅𝒆𝒄𝒊𝒔𝒊𝒐𝒏𝒔 𝒊𝒏 𝒕𝒉𝒆 𝒃𝒆𝒔𝒕 𝒊𝒏𝒕𝒆𝒓𝒆𝒔𝒕𝒔 𝒐𝒇 𝒐𝒖𝒓 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒔𝒕𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒂𝒏𝒅 𝒔𝒕𝒂𝒏𝒅𝒊𝒏𝒈.