Local authorities have issued a no-fly order for two more individuals involved in the K-Park Residence scandal, related to the fraudulent sale of apartments.
The K-Park Residence project included a total of 110 two-bedroom and three-bedroom apartments, at an average selling rate of MVR 2.7 million. However, it was alleged that several buyers were fraudulently charged more than the marketed price.
Following the no-flying order issued to Hassan Mamdhooh, a minority shareholder of Hanbo Company Limited, the local agent of the K-Park Residence project, Maldives Police Service has confirmed that similar orders were issued for Jaishan Saeed, a minority shareholder of a company involved in the project's execution, and an expatriate involved in the scam.
Hanbo Tech Company's Managing Director, Jin Shihu, had earlier alleged that Hassan Mamdhooh had fraudulently sold several apartments by forging Shihu's signature on various documents, according to a statement from Hanbo Company Limited.
The statement also said that Jaishan Saeed had signed agreements on behalf of the company, citing a motion passed by the company which allegedly gave him the right to do so.
However, Mamdhooh claimed that he was being accused of the allegations after he opposed Shihu absconding with the swindled money from fraudulent sales. Mamdhooh released his statement after Shihu filed a case against him with the Maldives Police Service.
It was reported that the K-Park scam had fraudulently sold over 60 housing units in excess of the actual design for the complex, while the same apartment had been sold to multiple parties.
After Urbanco has lodged the case with Maldives Police Service, the authority has requested that all the parties who have been victimized in the scam to come forward and provide their details and any other relevant information to aid in the investigation.
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