Fazul remains under a travel ban while the investigation is ongoing, police said.
The MVR 1.4 million seized from former HDC Managing Director Ibrahim Fazul Rasheed’s residence has been returned to him.
Police raided Fazul’s residence under a court order as part of an ongoing investigation into alleged fraud in land allocation under the Binveriyaa scheme. During the search, a bag containing approximately MVR 1.4 million was discovered.
Police said today that the money has now been returned.
Relax Ferry Service, a private company operating speedboats in Male' area, claimed ownership of the funds. In a Facebook post, the company stated that the amount was handed over to Fazul’s company following consultations and a deal signed in 2022. The company said the payment was made in cash as part of an agreement for work completed.
Fazul remains under a travel ban, and his passport has been seized.
A police spokesperson told Mihaaru News that he had been taken into custody for questioning and that the investigation is ongoing.
"He is accused of destroying HDC documents," the spokesperson said.
Police have not yet revealed further details about the case to the press.
Police had previously stated that electronic devices and other items were seized during the search. Investigations by the police and the Anti-Corruption Commission (ACC) are looking into corruption allegations, including the misallocation of Vinares flats and fraudulent practices in the allocation of flats under the Gedhoruveriyaa scheme.
Among them, Fazul has been accused of using his position to allocate land to ineligible individuals, including his brother, MWSC Deputy Managing Director Mohamed Fazeel Rasheed who was not eligible for land plots.
Fazul resigned from his position on December 21, citing the need to allow investigations to proceed unhindered. His passport has since been confiscated as part of the ongoing investigation.
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