6 Foreigners Arrested for Illegal Dollar Trading; Over MVR 54 Million Circulated

Police announced today that six foreign nationals engaged in illegal foreign currency trading have been taken into Immigration custody.

According to the police, the six individuals were taken into custody during an operation conducted by a special task force. This task force, formed by relevant state institutions, aims to identify, locate, and take legal action against parties conducting unauthorized foreign exchange transactions in violation of laws and regulations.

Those arrested in connection with this case include four individuals from Bangladesh and two Indian nationals.

Police stated that information gathered so far in the investigation reveals that over the past three years, a total of MVR 54,429,550.00 and USD 1,627,810 circulated through the bank accounts of these six individuals.

Furthermore, the investigation established that these six individuals were operating illegally in the foreign currency trading business, outside the scope of work for which they were authorized in the Maldives.

Police noted that upon further reviewing the information gathered by the task force regarding illegal foreign exchange traders, it was observed that foreigners were actively managing bank accounts opened in the names of individual citizens, as well as businesses registered under local individuals' names.

It was also highlighted that Maldivian accounts were being handed over to such foreign nationals to circulate and transact funds obtained through illegal activities.

In this regard, police reminded the public that allowing a bank account opened under any person's name to be used to facilitate illegal acts committed by another party may render the account owner legally liable as an accomplice to the crime. Therefore, authorities urge everyone not to permit the use of their personal bank accounts for carrying out illegal activities.