The police have filed the case concerning the alleged attempt to stage a financial coup through the Bank of Maldives (BML) in collaboration with opposition parties, after concluding that there are no grounds to conduct a criminal investigation.

An investigation into the matter began in August 2024, following allegations that the decision made by the national bank, BML, in 2024 to suspend dollar transactions on debit cards linked to MVR accounts was an action masterminded by political figures to overthrow the government.

The police initiated the probe after President Dr. Mohamed Muizzu raised these allegations himself. The government had also heavily leveled these accusations against opposition figures. A short while later, BML's CEO at the time, Karl Stumke, resigned from his position.

In response to a request submitted last month by a private citizen under the Right to Information Act seeking clarity on the status of the investigation, the police stated that the case has now been filed away. They noted that this decision was made because their review of the allegations showed no circumstances that warranted conducting a criminal investigation.

In a press statement issued previously, the police had noted that a press conference was held by certain political figures coinciding with the exact time the bank made the decision against the advice of the government, causing sudden alarm to the public.

The statement also noted that calls were made on social media using bot accounts urging people to take to the streets to overthrow the government. Therefore, the police had stated that they were investigating the matter as an attempt to overthrow the government.

The government had maintained at the time that BML's decision to halt dollar transactions on MVR cards was made contrary to the government's advice. However, following subsequent discussions with the government and public pressure, the bank reversed its decision and restored dollar transactions to how they were before.