Dollar exchange

Police report increase in fraudulent money exchange

  • Unauthorized money changers are fraudulently collecting money from a number of individuals after promise to provide USD for them
  • This is being done through social media platforms, such as Viber community groups
  • This comes at a time businesses and private parties have been raising concern over hindrances in acquiring USD due to the pandemic

K. Male' 2020 Jul 13 | Mon 17:10 local 4,567

USD is being sold between MVR 18 and MVR 20 at the black market - Mohamed Sharuhaan

The Maldives Police Service (MPS) has raised concern over increasing cases of fraudulently collecting money from people, in exchange for USD.

The authority revealed this via Twitter, adding that multiple reports have been received in connection to this matter.

As such, unauthorized money changers are fraudulently collecting money from a number of individuals after promise to provide USD for them, through social media platforms.

These individuals were collecting money from people under the guise of money exchange through community viber groups.

MPS has since urged individuals to “please be vigilant” and avoid being a victim of fraud by only choosing authorized money changers for such transactions.

Further, individuals have been urged to report fraud and attempted fraud through theironline crime reportplatform.

This comes at a time businesses and private parties have been raising concern over hindrances in acquiring USD due to the impacts of the global Covid-19 pandemic.

Following these concerns, the Maldives Monetary Authority (MMA) has assured that USD will be available in adequate amounts for the Maldives dollar market.

Although MMA has given the assurance, reported has surfaced that USD is being sold at prices between MVR 18 and MVR 20 in the black market.

Last updated at: 4 weeks ago | Reviewed by: Aman Haleem

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