Madam Speaker, with regard to part (a) of the question, I am informed by the Bank of Mauritius that, in accordance with the Banking Act 2004, banks have up to three months from the end of their financial year to submit their audited accounts, and I am further informed that the latest available audited accounts of Silver Bank Limited are for the financial year ending 31 December 2021. I am tabling a copy of the audited accounts. Madam Speaker, Silver Bank has not submitted its audited accounts to the Bank of Mauritius for the financial years 2022 and 2023. In fact, Silver Bank was unable to appoint any external auditor. The reason being that the auditors were unwilling to conduct the assignment for Silver Bank in the light of the previous serious adverse information regarding Prateek Gupta in the Trafigura case whereby freezing orders were issued both on Prateek Gupta and his wife Ginni Gupta, who is the main ultimate beneficial owner of the bank. The House will recall, Madam Speaker, that it was at its meeting held on 11 June 2021 that the Board of the Bank of Mauritius approved the acquisition of the shares of BanyanTree Bank by the shareholders of Silver Bank. The Board of the Directors of the Bank of Mauritius were then chaired by the then former Governor of the bank, that is, Mr Harvesh Kumar Seegolam. The Banking Act 2004 provides that no single shareholder should hold more than 10% of the shares in a bank, except with the prior approval of the Bank of Mauritius. Given that the BanyanTree Bank Ltd was under conservatorship, the approval of a 75% shareholding to a single shareholder, 75%, in this case it was Ginni Gupta, who, may I inform the House, had no banking experience at all, but this was granted by the Board. 75% to somebody who has no experience in banking, Madam Speaker. This was nothing short of a scandalous and very suspicious transaction while also endangering the existing and future depositors. When we look at the pattern of events, there was clearly an axis of evil which existed from the very inception of Silver Bank in our jurisdiction. The House would not be surprised to note that one of the close associates of Mr Gupta, one Mr Prasad Rao Bopamah was even picked up from the tarmac at SSR International Airport with a total VIP treatment, red carpet treatment upon the instructions of the former Minister of Finance.

(Interruptions)

It looks like this. An hon. Member: Savat Dodo!

Du jamais vu dans les annales de notre pays ! This is how the previous MSM regime was operating – Mafia style! I hope people remember all this when the time of elections comes, which will not be now, of course. Madam Speaker, in February 2024, Silver Bank was placed under conservatorship by the Bank of Mauritius, just like its predecessor, the BanyanTree Bank. At that time, the actions taken by the Bank of Mauritius included the issue of several cautionary letters, requiring for additional capital, and the imposition of restrictions on the granting of loans. Silver Bank completely ignored those instructions from Bank of Mauritius. Once Silver Bank was placed in conservatorship, several potential investors expressed an interest to acquire it. However, only one prospective investor submitted an application in May 2024 to acquire significant interest in Silver Bank. The investor’s business plan was rejected in December 2024 because the proposed equity injection was inadequate. In April 2025, a second offer for the acquisition was made by a local investment vehicle set up in Mauritius. The Bank of Mauritius has been engaging with the prospective applicant since then, including on the requisite information for the completion of the application. In the interest of depositors and creditors, the Bank of Mauritius granted several extensions to each successive deadline in December 2025, in January and February 2026 to allow the applicant to complete his application. He was asking for extra time all the time, that he be given more time, more time, more time. As at 30 March 2026, the Bank of Mauritius had not received a complete application. It is noteworthy that documents relating to proof and source of funds had not been submitted as at date. The Board of the Bank of Mauritius met on 30 March 2026 to discuss the way forward on Silver Bank. Based on all the available facts and information and taking into account the financial situation of Silver Bank, the Board decided to terminate the conservatorship of Silver Bank and appoint a receiver. Another shocking element of this Silver Bank saga, Madam Speaker, was the confession made by one internal auditor of Silver Bank that he uncovered loans of about Rs7.7 billion which were granted to companies related to no other than Prateek Gupta. Furthermore, this auditor stated Rs18 million were transferred to Prateek Gupta or to entities belonging to him from Silver Bank. They allowed the transfer. This is a classic case, Madam Speaker, of institutional conspiracy of the highest order, with both internal and external connivances, to defraud depositors’ money. Needless to say, that the Internal Auditor – because it was MSM Government – he drew the attention, he was suspended. He was the guilty party to have drawn the attention of the bank. So, he was suspended when in fact, his courage should have been commended. No doubt, we will see more things like this as the investigation unfolds. Madam Speaker, as regard to part b (i) of the question, I am informed that public bodies and institutions had invested a total amount of Rs3.55 billion in Silver Bank. An hon. Member: Or made to invest!

Yes, I am going to say that. As at 28 February 2026, the remaining deposits held by public bodies and institutions at the Silver Bank, amounted to around Rs907 million and they are as follows – (a) Rs523 million by the COVID-19 Projects Development Fund – Rs523 million; (b) Rs158 million by the National Insurance Co. Ltd and Rs132 million by the NIC General Insurance Co. Ltd, both subsidiaries of the National Property Fund Ltd; (c) Rs58 million by the Municipal Council of Curepipe, and (d) Rs36 million by the Sugar Insurance Fund Board. Madam Speaker, as I have already stated in this august Assembly, the deposits made by these public bodies and the institutions were purposely done to create a misleading enhancement of Silver Bank’s balance sheet. Purposely done! The significant investment made in a bank with no proven track record – no proven track record! – speaks for itself that the decision has been driven by intervention from the highest authorities. And we know! In fact, from the former Minister of Finance and the former Financial Secretary. It is ironic to recall, Madam Speaker, that these same authorities – same authorities – had issued a Circular way back in 2019 instructing government‑related entities to place their surplus cash in Treasury Certificates, which carry far lower risk. You can guess, Madam Speaker, why the former Minister of Finance revised that decision and ensured that these public bodies and institutions place their money with a bank with no proven track record, and hence, putting their investments at risk. When you think of this also that this guy was given VIP treatment at the airport! As for part (b) (ii) of the question, I am informed by the Bank of Mauritius that, in January 2025, only after there was a change in government, the Conservator made a statement to the Police with regard to what appeared to be a conspiracy to defraud Silver Bank in favour of Mrs Ginni Gupta or companies beneficially owned or related to her and/or Mr Prateek Gupta. Subsequent to this statement, the Commissioner of Police referred the matter to the Financial Crimes Commission (FCC). Two suspects have been arrested for the offence of “Conspiracy to commit Money Laundering” in breach of Section 4 of the Financial Intelligence and Anti-Money Laundering Act 2002. INTERPOL has also been requested to place Mr Gupta on Red Notice in relation to the investigation in Mauritius. Further actions by the FCC include – (a) Disclosure order made on 19 parties who have applied and obtained, in relation to material financial reports, which has been forensically analysed, which has shown a total sum of Rs7.9 billion has been siphoned and transferred to several entities in multiple jurisdictions linked, again, to Mr Gupta; (b) 39 loan files secured from Silver Bank following search warrants issued under Section 64 of FCC Act 2023; (c) 43 witness statements recorded; (d) 11 defence statements from suspects; (e) 2 search warrants under Section 60 issued on premises of suspects – I prefer not to mention their names – who were later arrested for the offence of “conspiracy to commit money laundering” in breach of Section 4 of the FIAMLA 2002; (f) Informal cooperation for funds which have already been traced and transferred to foreign jurisdictions and to locate other foreign suspects who have already left Mauritius; (g) An Attachment Order of USD 53,000 currently in force up to March 2027 on entities linked to Prateek Gupta; (h) 8 Mutual Legal Assistance applications are in process with Seychelles, UK, Malaysia, Singapore, South Africa, British Virgin Island, USA and UAE. Concerning part (c) of the question, I am informed by the Bank of Mauritius that the Conservator submitted his report on a regular basis. The latest report was submitted in March 2026. However, as per the Bank of Mauritius Act and the Data Protection Act, these reports cannot be made public until maybe the investigation is over. I am informed by the Bank of Mauritius that the Conservator, Mr Arvin Gokhool, was maintained as Conservator as he was already in discussion with a potential buyer of Silver Bank. The Bank felt that replacing him midway in the process would have set the process backward and cause further delays with additional financial implications with the coming of a new Conservator. Madam Speaker, I am also informed by the Bank of Mauritius that, in the very first report of the Conservator submitted in March 2024, he estimated that non-performing loans amounted to Rs8.1 billion out of a total loan portfolio of Rs8.3 billion. Rs8.3 billion was given; Rs8.1 dubious! It is unthinkable that such a high level of toxicity of a loan portfolio could have been tolerated by both the Silver Bank and the Central Bank, which turned a blind eye to this monumentous mismanagement, if not defrauding people. As at date, only a sheer amount of around Rs209 million has been recovered since the placement of Silver Bank under conservatorship. Madam Speaker, these figures point to not only a clear pattern of gross mismanagement, but also a deliberate fraud, deliberately misleading the Mauritian public, raising concerns to the control mechanism that governed the operations of Silver Bank and the Bank of Mauritius at the time. We have, without any reservation, condemned the conduct of that bank in the past. It is yet another catastrophic legacy of the previous government, and we now have to deal with it. Today, allow me to reassert our determination and to state unequivocally and forcefully that we will not allow our reputation as a well-regulated international financial sector to be the least tarnished. Madam Speaker, it is precisely for this reason that we are reinforcing our legislative framework through the introduction of the AML/CFT/CPF Bill, which is being discussed at the moment, to further strengthen the fight against money laundering.

Scandaleux!

Thank you, hon. Prime Minister. Yes, hon. Beechook!

Ali Baba sa! An hon. Member: Ali Baba depase sa!

I thank the hon. Prime Minister for his reply. Madam Speaker, this financial disaster would not have been possible without the egregious…

No statements!

…violation and collapse…

No statements!

…of the regulatory framework.

Question! Question!

Therefore, I would ask the hon. Prime Minister whether he will initiate a full-fledged commission of enquiry so that the public gets to know the in and out of this mega financial crime, and also, the culprits be dragged to court? Thank you.

Madam Speaker, there is no commission of enquiry now. It is public enquiries. But this is why we are bringing drastic change in the organisation of the Police and the FCC. With this new Bill that will come to the House, we will then have people who know to trace audit trails. We do not have the ability at the moment. This is why they are getting away with it. We will put in place people who know how to do these works, and – to use your word – we will drag each and every one of them to court.

Yes, hon. Juman!

Thank you, Madam Speaker. The hon. Prime Minister mentioned only Rs209 million were recovered.

Question! Question!

Can I know from the hon. Prime Minister how much did the conservatorship cost?

In fact, the result – only Rs209 million has been recouped. Yes, only that, so far.

The fees?

I am sorry?

How much did the conservatorship cost?

No, no, don’t speak from a sitting position!

Oh, the fees!

Hon. Juman!

I expected this question to come from somebody. The fees of the same person, whom they kept – the Bank of Mauritius decided to keep him –, and reduced his fees by half. I can give you the total amount later.

Incroyable!

Members should not speak from a sitting position. We cannot even hear! I cannot hear very well! Also, no more statements before questions! Let me say: it is so easy to use the words “who”, “when”, “how” or “whether”. Then, you put whatever you want! Then, it is a question! Leçon de grammaire!

Thank you, Madam Speaker.

Petite Bescherelle!

We can see here a very good example of deux poids, deux mesures when we compare the case of the Bramer Bank and the Silver Bank.

(Interruptions)

Hon. Jhummun, I…

Why was the previous government so prompt in the case of the Bramer Bank and so slack when it comes to the Silver Bank? Thank you.

It is a very good question! For Bramer Bank, they cooked up a story of Ponzi Scheme. And then, much later, after everything was done, after the former Prime Minister, former Minister Bhadain and all the people close to them took the money from the bank, then they closed the bank. The public? Never mind the public! They can lose their money! But they, who already have a lot of money, will not lose their money. It was deux poids, deux mesures! This was done on purpose!

Insider dealing!

Yes! And we are going to sit on this again.

(Interruptions)

Scandaleux!

Okay! Yes, Mr Beechook! Your last…

I am still choosing my words: whether, how, when…

Yes, please!

How far…

Very good!

May I ask the hon. Prime Minister what quantum of the depositors’ money can we expect to recover and give back to them in this particular scam?

It is a very difficult question.

Yes, it is a tall order for him.

Looking for them!

They have stolen the money wherever they placed them, I don’t know. So, we are going to have to do the audit trail to know.

Thank you so much. Mr Beejan! CONSTITUENCY NO. 6 – MODIFIED MOTORCYCLE EXHAUSTS – CONTRAVENTIONS (01 MARCH-05 APRIL 2026)