Police freeze accounts and seize assets of Furaveri Resort company over illegal USD trading

Bank accounts belonging to Naid Investment Private Limited—the operator of Furaveri Island Resort and Page Hardware—have been frozen, and the company’s offices searched, in connection with an investigation into large-scale illegal foreign currency transactions.

Police announced on Tuesday that bank accounts belonging to a company have been frozen on suspicion of conducting unauthorized large-scale foreign exchange operations without the required license from the Maldives Monetary Authority (MMA).

In connection with this case, the police have conducted a search of the Naid Investment office located in M. Dhanbugoalhi to gather further evidence necessary for the investigation. Additionally, several items were seized from the premises for investigative purposes.

According to the Ministry of Economic Development’s business portal, Naid Investment is a company operating within the tourism industry. The company, or its affiliated entities, manages the renowned Furaveri Resort as well as Page Hardware.

Under the law governing foreign exchange transactions, such activities may only be conducted after obtaining special authorization from the Maldives Monetary Authority (MMA). Furthermore, selling foreign currency outside the exchange rates and standards prescribed by the central bank constitutes a legal offense. New amendments that came into effect on September 1 have strengthened the penalties for such violations, with fines now reaching up to MVR one million.

The central bank has previously revoked the licenses of several entities found in violation of its regulations. Furthermore, police announced on Monday that six expatriates have been arrested on suspicion of operating an illegal black market for foreign currency. Authorities also noted that accounts linked to these individuals saw a turnover of approximately $1.6 million and 54 million Rufiyaa over the past three years.