Court orders freeze on Jaah Investment bank accounts

Civil Court has ordered the seizure of any funds held in bank accounts belonging to Jaah Investment Pvt Ltd; the company behind the long-delayed “The Garden” apartment complex in Hulhumale' Phase One.

The order, issued Thursday by the Hulhumale' Division of the Civil Court, directs all banks in Maldives to identify any accounts under Jaah Investment’s name and freeze the funds. The banks named in the order are:

- Bank of Ceylon

- Bank of Maldives

- Habib Bank Ltd

- Maldives Islamic Bank

- State Bank of India

- Mauritius Commercial Bank (Maldives)

- Commercial Bank of Maldives

The court instructed these banks to submit details; including account numbers, balances, and freeze any funds present before 12 pm on April 22.

However, the reason the court order remains unclear.

Jaah Investment was awarded the contract to build “The Garden” flats in 2017. Since then, the project has faced repeated delays, despite the company consistently claiming that 95 percent of the work is complete.

Housing Development Corporation (HDC) cancelled the agreement after a final 45-day extension expired on March 12 without completion.

In response, Jaah Investment filed a case in Civil Court, citing that HDC’s termination was unlawful. The company initiated legal action just two days before HDC was due to reclaim the project site.

The delay has caused significant distress among apartment buyers, many of whom took out high-interest loans in hopes of securing a home. Buyers have staged multiple protests over the years as promised handover dates continued to be pushed back.

The Garden project includes 83 luxury apartments, comprising 27 suites and 54 villas.