Police requested the public last night to share the information of businesses that illegally exchange currency.
A statement from the police reads that they request the public to report and share the details of currency exchange businesses that are not licensed by the Maldives Monetary Authority (MMA) and provide the information of such illegal commercial services to the task force that has been formed to investigate such matters.
The information of such individuals is to be shared to the task force's operations number, 9388733.
Police said that along with sending an SMS, people can share the information via applications such as Viber, WhatsApp and Telegram.
Police assure that the identity and information of the people who report such details will be protected. They also said those who provide the information will not have to participate in any investigative procedures regarding the case.
Police highlighted the cooperation from the public and expressed their gratitude for it.
While the police have requested the information of those who offer foreign currency exchange services illegally on a commercial basis, they raided the offices of a company committing such a crime yesterday for the first time.
The company that was raided for allegedly running a foreign currency exchange business illegally is Naid Investments Private Limited.
The accounts used by the company for foreign currency exchange have been frozen as well.
Naid Investments Private Limited is run by the company that manages Furaveri Maldives, a resort in Raa Atoll. Niyaz Store, Page Hardware and stores under Naid Investments Private Limited are business linked to said company.
6 foreigners involved in illegally buying and selling foreign currency have been taken into Immigration custody recently. Those arrested in connection with this case include four Bangladeshi nationals and two Indian citizens. 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 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.
The government is taking steps to bring an end to the USD black market, the biggest step being 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, which was brought into force yesterday.
