
Rajiv Ramcharitar cleared in Silver Bank scandal, alleges laxity against senior executives
Rajiv Ramcharitar, formerly a Senior Relationship Manager at Silver Bank, has been cleared of provisional charges of conspiracy to commit money laundering by the Financial Crimes Commission FCC. The charges, filed in the wake of the Silver Bank scandal, were dismissed by Magistrate Jonathan Denis Vellien on July 8. Ramcharitar was accused of conspiring with other bank executives between October and December 2022 to grant loans to shell companies. He was arrested on August 12, 2025, and released on bail. Ramcharitar maintains his role was purely administrative, involving loan file compilation and submission, without decision-making power in the Management Credit Committee that approved loans. The FCC investigator admitted in court that Ramcharitar lacked such authority. Ramcharitar claims he was a scapegoat, highlighting that senior executives, including the CEO and Deputy CEO, directly involved in approving these loans, have not been prosecuted. Many of these individuals, some foreign nationals, have reportedly left the country since the scandal broke in February 2025. The Silver Bank was placed under Conservatorship by the Bank of Mauritius on February 13, 2024, due to concerns about its financial soundness and to protect depositors. Its banking license was revoked on April 30, 2026. The scandal involved billions in "Toxic Loans" to shell companies, with beneficiaries residing abroad, circumventing Bank of Mauritius directives. State and parastatal entities face minimal chan



