Financial coup: investigation stalled, no new developments

Maldives Police Service (MPS) has revealed that there are no new developments in the case of the alleged financial coup, apart from the initiation of the investigation.

MPS launched an investigation into the alleged attempt to topple the government, following a sudden decision by BML to halt foreign transactions on cards linked to Maldivian Rufiyaa accounts, on August 26.

However, so far, no one has been questioned regarding the case.

Although the police have stated that the investigation is ongoing, they have not disclosed any actions taken in relation to the investigation thus far.

Speaking to RaajjeMV, the police media official revealed that the investigation is ongoing and there are no updates to disclose, beyond the details already disclosed by Minister of Homeland Security and Technology Ali Ihusaan at the press conference held on August 29.

The police institution said that there have been reports linking allegations that bot accounts were used to rouse the public to take to the streets to topple the government, to an attempt to illegally overthrow the government.

MPS revealed that they were in the process of collecting all necessary information and studying all aspects of the investigation in detail.

Further MPS assured the public that they are working to identify if action is required to be taken against anyone and that all the necessary work is being done as part of the investigation process.

Ruling People’s National Congress (PNC) scheduled a gathering after sundown on August 26, where President Dr. Mohamed Muizzu and Minister of Fisheries and Ocean Resources Ahmed Shiyam publicly shed the spotlight on the “attempted coup” allegations.

Within 10 minutes of Shiyam’s public statement linking BML’s decision to an attempt to overthrow the government, the police institution released a statement confirming that they had begun an investigation into the attempted coup.

MPS revealed that the announcement made by the country’s national bank for which a majority of shares are held by the government, came as a shock to the public and coincided with a press conference held by some politicians revolving around the incumbent administration’s financial situation.

MPS noted that the BML’s decision would cause several inconveniences to the public and was announced against the government’s discussions and at the same time, “hundreds” of “bot” accounts on social media began encouraging the public to take to the streets to overthrow the government.

The police institution launched the probe as there was room to believe that there was an attempt to illegally overthrow a lawful administration, after disrupting public peace and compromising national security.

In an earlier press conference, the government announced that BML’s decision was made against the discussions held regarding the matter.

In a press conference, Ihusaan stated that no one should be worried even if an investigation has been launched into the case and that BML making this decision so abruptly, was a questionable matter. Ihusaan questioned when political parties hold press conferences on Sunday mornings.

So far, only a statement from the country’s national bank has been taken regarding the case.

After churning public chaos with its decision to suspend foreign transactions through debit cards, BML took a U-turn on the decision mere hours later.

In a publication on August 25, the country’s national bank confirmed that the changes to card limits for foreign transactions announced earlier that day were reversed based on instructions from their regulator, the central bank, MMA.

BML revealed that the changes were initially brought in response to the increasing use of foreign currency on cards and the static scale of foreign currency to BML.

As such, the allowance for foreign transactions for existing debit cards linked to Maldivian Rufiyaa accounts was suspended. Allowances for foreign transactions for new debit and credit cards linked to MVR accounts were also suspended and the monthly limit for foreign transactions on existing standard and gold credit cards was limited to USD 100.

The government still refuses to change its stance that BML orchestrated a coup.