Urbanco has filed a case with the police requesting an investigation of minor investors from Hanbo Company Limited, who allegedly swindled large sums of money from several individuals in the sale of apartments at K-Park Residence. Hanbo Company Limited is developing the K-Park Residence in Hulhumalé.
According to Urbanco, Hanbo Company had lodged a complaint with them, alleging unverified transactions in the sale of apartments by K-Park Residences.
One of the minority shareholders involved in the K-Park project is local businessman Hassan Mamdooh, while the other is Jaishan Saeed, a shareholder in Kodhi Investments, a company that also holds a minority stake in the project's execution.
It was only this week that the case came to light, revealing that the duo had targeted people through a series of scams in the sale of apartments.
Things got heated in the past week over allegations of these two men scamming people in the sale of apartments.
A statement published by the Hanbo Company on Tuesday alleges that a large number of apartments in K-Park were sold without the company's knowledge. The company accused Mamdooh of being involved in the crime.
According to Hanbo's statement, the accused allegedly sold these apartments by forging the signature of Hanbo Company's Managing Director, Jin Shihu. The statement also said that Jaishan Saeed had signed agreements on behalf of the company, citing a motion passed by the company which allegedly gave him the right to do so.
According to the statement, Mamdooh had signed some of the agreements by misquoting his status and falsely claiming to be the managing director of the company.
- Customers claimed that Mamdooh had requested cash payments from them after signing the agreements.
- Mamdooh and Jaishan Saeed were the point of contact in making these transactions
- Mamdooh and Saeed used forged signatures of the company's managing director to get money deposited into Bank of Maldives' (BML) Rufiyaa and US Dollar accounts, despite Hanbo's official bank being the State Bank of India. - The account was opened while MD Jin Shihu was in China, and a copy of his passport was notarized by a lawyer stating it was a legitimate copy of the original
- By the time this issue was brought to BML's attention, the money that was deposited in account had been withdrawn
- Mamdooh did not cooperate with the company's efforts to contact him after the issue was brought to the attention of MD Jin Shihu
- Mamdooh had accepted cars and other items as alternate payments for the apartments
- Certain apartments had been sold to multiple people
- The accused had contacted customers and attempted to collect money for personal reasons
- Allegedly used other companies, such as Kodhi Investment Private Limited, registered in the name of Mamdooh and Jaishan Saeed, and Shejia Group Maldives Private Limited, registered in the name of Aishath Difleen who is the Secretary of Hanbo Company, to conduct transactions in the name of Hanbo.
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