Shireesh Betgiri, the former chairman of Salima Sugar Company, has been arrested by the Malawi Police in Lilongwe on charges of money laundering and forex externalization.
Acting swiftly on a tip-off, law enforcement authorities discovered that Betgiri, along with a business associate, had established a bank account in Dubai under the name of Salima Sugar Company. Platform for Investigative Journalism reports that Betgiri used the account to obtain a loan worth $300 million and to engage in illicit money laundering activities.
The exact details and specifics of the money laundering scheme are expected to be unveiled as the investigation progresses. It is yet to be established whether the arrest is connected with the arrest of five women who were found with 338 ATM cards upon arrival from a Dubai expedition.
The arrest of Betgiri is a significant development in the fight against financial crimes in Malawi. It sends a strong message that the authorities are committed to holding those responsible for such crimes accountable. The case is likely to garner significant attention, as it raises concerns about the potential for corruption and financial malpractice in Malawi’s sugar industry.
