Malta companies at the centre of Bermuda fraud case

UK national with offshore finance group in Malta arrested in the Netherlands in connection with allegations of misuse of several million dollars of investors’ money

Ramesh Dusoruth
Ramesh Dusoruth

A UK national whose offshore finance group includes companies in Malta, has been arrested in the Netherlands in connection with allegations of misuse of several million dollars of investors’ money.

Ramesh Dusoruth was issued with an Interpol Red Notice after fleeing Bermuda after being criminally charged with swindling his investors.

Dusoruth is the beneficial owner of the Bermuda-domiciled life insurance company St George’s Ltd, a company that forms part of a group he controls through the Maltese company Les Petit Fourmies Ltd. His group of companies include PSSI Limited, Mille Roses Limited, CLPI Limited, and Lioncross Limited – all of Malta – apart from various other companies in the Netherlands, the Cayman Islands, Cyprus, Jersey, the Channel Islands, and Bermuda.

Les Petits Fourmies in Malta was run by its sole director, the former Nationalist MP Noel Buttigieg Scicluna.

As reported in OffshoreAlert, the company network was replete with red flags, evident after Les Petits Fourmies filed its accounts for 2015 and 2016 only in 2019. According to auditors PricewaterhouseCoopers, they were unable to satisfy themselves on the recoverability of the loans that Les Petits Fourmies was making to related companies and subsidiaries.

Dusoruth now faces a charge of fraudulent inducement to deposit or invest and another of transferring criminal property. He is also charged with three counts of transmission of false information to the Bermuda Monetary Authority.

Dusoruth was arrested and charged with the offences, but failed to appear in Magistrates’ Court on 21 March and an arrest warrant was issued.

More in Business News