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Police have received reports involving expatriates, businesses and online platforms allegedly engaged in unauthorized foreign exchange dealings following the launch of a dedicated reporting hotline.
Mariyam Adheela
Male’: Maldives Police have received information on 27 people, 16 online platforms and four establishments allegedly involved in unauthorized foreign exchange transactions through a hotline launched to report illegal currency dealings.
Police said 65 reports have been received through the hotline, including information on 27 expatriates allegedly dealing in foreign currency without permits. Reports were also received on 18 establishments allegedly involved in unauthorized transactions and four establishments accused of buying and selling foreign currency at inflated rates.
Police said an expatriate has been taken into custody by Maldives Immigration, while police and relevant agencies are verifying information concerning the other reported individuals and entities. Authorities thanked the public for assisting efforts to identify suspected illegal foreign exchange activities.
The hotline was introduced as part of a special operation launched following amendments to the Foreign Exchange Act, which brought stricter measures against unauthorized currency trading. Several expatriates have since been arrested and handed over to Immigration over alleged illegal dealings in US dollars.
On August 1, police raided the office of Naid Investment Pvt Ltd, alleging that the company was selling foreign currency without a licence from the Maldives Monetary Authority. Naid Investment operates Furaveri Maldives Resort in Raa Atoll and is affiliated with Niyaz Store, Page Hardware stores and Naid stores.
