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Anti-corruption authorities and the Maldives Police Service have decided to forward money laundering charges against MHR Trading Private Limited to the Prosecutor General's Office over its involvement in the MMPRC embezzlement scandal. Investigators found that the company received over $375,000 in illicit funds through SOF Private Limited and former MMPRC chief Abdulla Ziyath
News Desk
MHR Trade shop in Male'
A joint investigation by the Anti-Corruption Commission (ACC) and the Maldives Police Service has concluded with a decision to seek money laundering charges against MHR Trading Private Limited for its alleged involvement in the massive Maldives Marketing and Public Relations Corporation (MMPRC) corruption scandal.
Authorities formally decided to forward the case to the Prosecutor General’s Office following extensive financial tracking of island lease payments embezzled between February 2014 and October 2015.
Total Embezzled Funds Received: $375,000 (approx. MVR 5.01 million).
SOF Transfers: $325,000 deposited across multiple transactions into MHR Trading and its subsidiary, “Tharkaaree Fihaara” (Vegetable Shop).
Fushidhigga Acquisition Cost: $50,000 originally paid to MMPRC for the lease of ADh. Fushidhigga, directly funneled into MHR accounts.
Involved Key Figures: Former MMPRC Managing Director Abdulla Ziyath, who directly facilitated the transfer of illicit checks.
Recoverable Funds: MVR 5,011,500 along with any profits generated from investing the $50,000 acquisition fee.
According to state investigators, MHR Trading attempted to cover up the transactions by claiming the money stemmed from legitimate foreign currency exchange deals:
Unverified Exchange Claims: The company failed to provide evidence showing who issued the checks or prove that equivalent Maldivian Rufiyaa was ever paid in exchange for the US Dollars.
Direct Communication with Ziyath: Investigators uncovered direct communications regarding the checks between Abdulla Ziyath and the Managing Director of MHR Trading.
Reasonable Suspicion: Evidence indicates the managing director of MHR Trading had sufficient reason to suspect that the funds deposited into the company’s account were derived from criminal activity.
Charges are being filed under Sections 53 and 58 of the Prevention of Money Laundering and Terrorism Financing Act (Act No. 10/2014).
In addition to criminal prosecution, authorities have decided to instruct MMPRC to initiate proceedings to recover the full $375,000 along with all investment profits generated by MHR Trading through the illicit funds.
