Charges forwarded to PG against company owned by former MP Riyaz Rasheed’s children over MMPRC money laundering case
The Anti-Corruption Commission (ACC) has requested the Prosecutor General’s Office to charge Popular Maldives with money laundering in connection to the MMPRC embezzlement scandal. Investigations revealed that the company received $150,000 via SOF Private Limited, which was allegedly disguised as a legitimate currency exchange transaction. Furthermore, the government has decided to reclaim the island of Th. Olhugiri from the company, citing a failure to meet the development conditions stipulated in their agreement.
Charges have been filed against Popular Maldives in connection with the MMPRC embezzlement scandal. | Aljazeera.com
The Anti-Corruption Commission has requested the Prosecutor General’s Office to press money laundering charges against Popular Maldives Private Limited, a company owned by the children of former Member of Parliament Riyaz Rasheed. The company is accused of receiving funds embezzled through the Maldives Marketing and Public Relations Corporation (MMPRC).
The case was submitted to the Prosecutor General's Office on February 10, 2026.
Investigations into this case have revealed that between February 2014 and October 2015, funds owed to the state from the lease of islands and lagoons for tourism purposes were transferred from SOF Private Limited to the accounts of Popular Maldives Private Limited. Specifically, investigators discovered that on July 13, 2015, a sum of USD 150,000.00 was deposited into a bank account belonging to Popular Maldives Private Limited via an SOF check.
The company attempted to portray these funds as proceeds from foreign exchange transactions. Investigations have also revealed that Popular Maldives Private Limited worked to disguise the true origin of the money, conceal the rights associated with it, and misrepresent the source of the funds. Furthermore, the investigation has established that the funds paid as the acquisition cost for Th. Olhugiri were obtained through criminal activity.
The lease agreement for Th. Olhugiri stipulates that a resort must be developed and completed on the island within 36 months of the signing date. The agreement further grants the Ministry of Tourism the authority to claim liquidated damages or terminate the contract if these requirements are not met within the specified timeframe. However, the investigation has revealed that the conditions outlined in the agreement have not been fulfilled.
The prosecution has requested charges under Section 53(a) of Act No. 10/2014 (Prevention of Money Laundering and Financing of Terrorism Act). Additionally, the state is seeking to recover USD 150,000.00 obtained by Popular Maldives Private Limited as part of the legal proceedings. The agreement for the lease of Th. Olhugiri stipulates that a resort must be developed on the island within a specified timeframe. It further grants the Ministry of Tourism the authority to claim liquidated damages and terminate the agreement if these obligations are not met. As Popular Maldives Private Limited has failed to fulfill its contractual requirements, a decision has been made to refer the matter to the Ministry of Tourism and Civil Aviation to initiate the repossession of Th. Olhugiri by the state.
In addition to this case, the Anti-Corruption Commission (ACC) stated that it is currently consulting with the Prosecutor General’s Office to reach a decision on filing charges in several other serious matters related to the MMPRC scandal.
According to the Business Portal, the Managing Director of Popular Maldives is Reesham Riyaaz. The company's Board of Directors consists of Reesham Riyaaz and Rausham Riyaaz.
