Around MVR 3.8 million in foreign currency has been seized at Velana International Airport when a group of expatriates attempted to traffic the currency out of Maldives.
As part of their efforts to find those who conduct unauthorized foreign currency sales and taking legal steps against it, police stated today that their operation that was conducted yesterday based off of the information received by their special taskforce for the matter saw them apprehend six expatriates at Velana International Airport.
The six Bangladeshi nationals were stopped when they had gone to board their flight due to a large amount of foreign currency being found on them.
Police said they found foreign currency from 18 different countries, including USD 174,161, EUR 56,760 and GBP 1,815, with the total being around MVR 3.8 million.
The photo publicized by the police shows that the currency was hidden inside cereal packets.
Police stated those involved have been brought under their custody and they are investigating the matter.
While the government is taking many steps in stopping the USD black market, the Parliament passed an amendment to the Foreign Currency Act where 40 percent of the revenue generated in foreign currency by resorts and guesthouses is to be exchanged at banks every month.
The relevant government administrations have warned that severe steps would be taken against companies that engage in unauthorized USD exchange transactions, with expatriates in the business being arrested recently. Police raided the offices of a company that offered foreign currency exchange services illegally on a commercial basis for the first time on 1st September.
The police raided Naid Investments Private Limited, the company that allegedly ran a foreign currency exchange business illegally that was not licensed by the Maldives Monetary Authority (MMA).
Police said at the time that the accounts used by the company for foreign currency exchange had been frozen as well.
Naid Investments Private Limited is run by the company that manages Furaveri Maldives, a resort in Raa Atoll. The Economic Ministry's Business Portal shows the company had been given various business permits as well.
Niyaz Store, Page Hardware and stores under Naid Investments Private Limited are business linked to said company.
