Police have received information about 27 people, 16 online platforms and four establishments allegedly involved in unauthorized foreign exchange transactions through a hotline set up to report illegal dealing of foreign currency, police said today.

In a statement, police said they had received 65 messages through the hotline, including information about 27 expatriates allegedly dealing in foreign currency without permits, 18 establishments allegedly engaged in unauthorised foreign exchange transactions and four establishments allegedly selling and buying foreign currency at inflated rates.

Police also received information about 16 online platforms allegedly involved in such transactions.

“An expatriate has now been taken into custody by Maldives Immigration. Police and relevant agencies are working together to verify the information of other reported persons and take legal action,” police said.

Police thanked the public for cooperating and providing information on suspected illegal foreign exchange activities.

Police launched a special operation to crack down on illegal foreign exchange dealers after amendments to the Foreign Exchange Act introduced stricter measures against such transactions.

Several expatriates have been arrested and handed over to Immigration over allegations of illegally trading USD.

On 1 August, police raided the office of Naid Investment Pvt Ltd, alleging that the company was selling foreign currency without a licence issued by the Maldives Monetary Authority (MMA).

Naid Investment operates Furaveri Maldives Resort in Raa Atoll. Niyaz Store, Page Hardware stores and Naid stores are also affiliated with the company.