Missing US $50 million corruption case Fahreen Rajan released on a R500,000 bail |05 March 2022
- No objection from the ACCS
The eighth suspect in the case of the missing US $50 million donated to Seychelles in 2002 by the Abu Dhabi government, Fahreen Rajan, was yesterday released on a R500,000 bail, along with certain strict conditions imposed by the court.
Ms Rajan has been charged with money laundering and conspiracy to commit money laundering, along with concealment of property.
For money laundering, she has been charged after being arrested in possession of R4,954,491 – previously purchased for US $4,000,000 – in company shares for Apollo Towers Holdings Pte Ltd., Singapore, knowing or believing that such property, was, or represented the benefit of criminal conduct, namely money laundering, or being reckless as to whether the said property was or represented the benefit of such conduct.
As for concealment of property, she has been charged after being in possession of the above-mentioned money, with knowledge at the time of the receipt of such property, that it was from the proceeds of corruption, or related offences.
Being represented by attorney Joel Camille, Ms Rajan was granted bail based on the fact that she has been co-operating fully in the investigation of the matters relating to the current charges levelled against her, while her willingness to co-operate on the matter remains true to this day.
Based on the above, the Anti-Corruption Commission of Seychelles (ACCS), represented by attorney Tony Juliette, had no objection to the application.
Some of the bail conditions set by Chief Justice Rony Govinden include that Ms Rajan remains at her rented apartment at the Pangia Beach, at Providence; that she reports to the Mont Fleuri police station thrice weekly – Monday, Wednesday and Friday; that she does not contact any suspects, or accused in relation to her charges, as well as those in relation to the missing US $50 million; and that she surrenders her passports (British and Canadian).
It is to note that Ms Rajan was arrested at the Seychelles International Airport on Friday January 21 at 10.30pm while leaving the country following a red alert notice issued by the court earlier that day.
According to the ACCS, she is a trusted confidante for Mukesh Valabhji to the extent that she has been named as the controlling party in numerous companies owned by Valabhji prior to his arrest and incarceration.
Still according to the ACCS, Ms Rajan occupies a key role in the management of Mukesh Valabhji’s assets by way of the Power of Attorney as chief executive for the Felicite Island Development Limited, she has expressed control over one of the largest assets of the Valabhji financial empire.
It was on January 20, 2022 that a search was conducted under the authority of a search warrant issued by the Supreme Court at the Capital Trading premises at Providence and a number of exhibits relating to the investigation of the missing US $50 million were discovered during the search.
This include, the Power of Attorney documents issued by Mukesh Valabhji to Ms Rajan for five years on January 5, 2020, witnessed and notarised with the appropriate authentication by Frank Elizabeth.
The Power of Attorney identifies two accounts at the DBS Bank Ltd in Singapore and reference further “all personal accounts held by Mukesh at DBS Bank Ltd in Singapore”.
An extensive email chain was also discovered, relating to the purchase of US $4 million shares in Apollo Towers PTE Ltd, by a company known as Silver Cap of which Mukesh Valabhji is the sole beneficial owner.
There were also emails in the chain which demonstrated that Ms Rajan not only knows that the funds were from criminal proceeds, but that she then lied to cover the purchase on behalf of Valabhji.
She will re-appear in court alongside the other accused in the case on Friday March 11.
Roland Duval