Capital Horizons director Shaan Kundomal arrested in Dubai over alleged 144 million rupee embezzlement
via Le Mauricien2 min read
Shaan Kundomal, director of Capital Horizons Ltd, recently rebranded as Aurevya Wealth Ltd, was arrested at Dubai International Airport while in transit to Istanbul. He is accused of allegedly embezzling 3 million US dollars, approximately 144 million Mauritian rupees, based on a complaint filed by an investor client. Kundomal, who also directs Gulf Management Services in Ras al Khaimah, UAE, was traveling with his assistant and wife, neither of whom were detained. He presented an Indian passport at the time of his arrest, and reportedly holds dual Mauritian nationality, with investigators noting a discrepancy in the spelling of his name between his Indian and Mauritian documents. It is currently unclear whether the complaint relates to his activities with Gulf Management Services or Aurevya Wealth Ltd. Kundomal has family ties to Junior Minister Damry and the Jugnauth family. He is also one of the lawyers assisting businessman Dawood Rawat with complaints to the Financial Crimes Commission and the CCID. The case is ongoing, and Kundomal benefits from the presumption of innocence. Questions have been raised regarding the awareness of Mauritian authorities, including the Financial Services Commission, the Financial Crimes Commission, and Interpol's Mauritian branch, about the details of this case. Some sources suggest that the resignation of former Financial Services Commission Chief Executive Désiré Venkatachellum, effective June 30, might be linked to these developments.
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This summary was AI-generated from a story originally published by Le Mauricien.
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Must ReadMauritian Prime Minister Navin Ramgoolam announced a Rs 20.5 billion credit line from India to finance development and infrastructure projects in Mauritius. This announcement followed a bilateral meeting with Indian Prime Minister Narendra Modi during the 50th anniversary of Seychelles' independence. Ramgoolam stated that this financial facility fulfills commitments made during his recent official visit to India, emphasizing that the funds will accelerate the implementation of structural projects and strengthen the country's infrastructure. He also highlighted the strong historical ties between Mauritius and Seychelles, dating back to Sir Seewoosagur Ramgoolam's era. Ramgoolam's meeting with Modi reaffirmed strategic cooperation between Mauritius and India, a key partner in infrastructure, economic development, and maritime security. Seychelles celebrated its 50th independence anniversary with a solemn ceremony in Victoria, attended by several heads of state, government, and international officials, including Ramgoolam. Indian Prime Minister Narendra Modi's three-day state visit to Seychelles also coincided with the 50th anniversary of diplomatic relations between Victoria and New Delhi. Modi is scheduled to meet with Seychellois President Patrick Herminie to enhance cooperation in strategic areas, including development, maritime security, infrastructure, and economic cooperation. He will also present donations and inaugurate national interest projects.
Must ReadIndia has granted a credit line of 20.5 billion rupees to Mauritius to finance infrastructure projects. This announcement was made by Prime Minister Navin Ramgoolam after his meeting with Indian Prime Minister Narendra Modi on Sunday in Seychelles, on the sidelines of the 50th anniversary celebrations of Seychelles' independence. The head of government specified that this is a low-interest financing that will support several development projects. He also thanked the Indian government for this support, which he considers a new testament to the close cooperation between the two countries. The two leaders also reviewed several bilateral cooperation issues, particularly in the areas of training, energy, defense, and cybersecurity. This meeting was the fourth between the two heads of government in approximately eighteen months.