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Bai Saga: Pyramid Scheme, Ponzi Scheme, Ponzi-Like Scheme or Political Vendetta and Conspiracy?
Authors: Guru Dev Teeluckdharry
Number of views: 43
This paper sheds light on the collapse of the British American Investment conglomerate in Mauritius also known as the
BAI Group. According to the Government of Mauritius, the BAI Group was operating a vast Ponzi scheme via its banking
subsidiary known as the Bramer Banking Corporation Ltd (BBCL). Furthermore, according to the report of nTan
Corporate Advisory Pte Ltd which is a consultant of the Bank of Mauritius, the BAI Group’s subsidiaries such as the
British American Insurance (BAI Co. (Mtius) Ltd) and Bramer Property Fund (BPF) were operating ‘Ponzi-like schemes’.
A good number of financial analysts, economists, and accountants contrarily stated that the BAI Group was operating a
Pyramid scheme. Whereas many investors of the BAI Group had the firm belief that it was a victim of political vendetta
and conspiracy. Which is which? Dyed-in-the-wool prophets of doom such as the former Prime Minister of Mauritius, the
current Prime Minister of Mauritius, the former Minister of Finance, Economic Planning and Development, and Foreign
Affairs, Regional Integration and International Trade, the former Minister of Financial Services, Good Governance and
Institutional Reforms, the leader of the MMM party and the former Governor of the Bank of Mauritius have all without
exception subjectively and descriptively painted a black picture of the BAI Group hither and thither. On top of that, they
have acted in ‘bad faith’ by misleading the Mauritian nation