Police said today that 6 foreigners involved in illegally buying and selling foreign currency have been taken into Immigration custody.
Police stated that these six individuals were taken into Immigration custody during an operation conducted by a special task force formed jointly by relevant state institutions to identify, locate, and take legal action against parties engaging in unauthorized foreign currency transactions in violation of laws and regulations.
Those arrested in connection with this case include four Bangladeshi nationals and two Indian citizens:
- Mohammad Rahul Amin, Bangladesh (Accountant)
- Masud Mia, Bangladesh (Waiter)
- MD Fariduddin, Bangladesh (Driver)
- Mohamed Mahamood Hassan, Bangladesh (Cleaner)
- Mohamed Asath Kalandhar Hussein, India (Salesperson)
- Zulkarnain Imrankhan, India (Engineer)
Police stated that based on the information gathered so far in the investigation of these cases, it has been noted that a total of MVR 54,429,550.00 and USD 1,627,810 circulated through the accounts of these six individuals over the past three years.
Police further mentioned that the investigation revealed these six individuals were actively engaged in the illegal foreign currency trading business outside the scope of the sectors they were permitted to work in within the Maldives.
Police stated that during further analysis of the information gathered by the task force to look into illegal foreign currency traders, it was observed that foreign nationals were leading and operating bank accounts opened under the names of local individuals, as well as businesses registered under local individuals.
Police also noted that Maldivians' accounts were being handed over to such foreign nationals to circulate and transact money obtained through illegal acts.
In this regard, police reminded the public that allowing a bank account opened in anyone's name to facilitate illegal acts conducted by another party is an offense for which legal action can also be taken against the account holder as an accomplice to the crime.
Therefore, the public has been urged not to allow anyone to use their personal bank accounts to carry out illegal activities.
These six foreign nationals were apprehended at a time when the government has begun taking numerous measures to stop the black market for dollars.
In this regard, an amendment brought to the Foreign Exchange Act requiring resorts to convert 40 percent of their foreign currency or dollar revenue through Maldivian banks every month was ratified today.
