Maldives Police Service (MPS) has revealed they have no comment regarding allegations circulating regarding MVR 1.4 million being found during a search of former Housing Development Corporation (HDC)’s Managing Director Ibrahim Fazul Rasheed's residence and that the money is now in police custody.

MPS searched M. Zeyvaru, where Fazul resides, on the night of 22 December 2024 in connection with the case of plots being given to ineligible people in Hulhumalé under the ‘Binveriyaa’ scheme. The police had informed that they took electronic equipment into their custody from the house then. However, no further details were provided regarding the confiscated items.

Although the police said that at the time, according to information received, when the police searched the house where Fazul lives under a court order as part of the ongoing investigation into cases related to the allocation of plots to ineligible individuals under the ‘Binveriyaa’ scheme, a large amount of money was found in a bag. However, the police have not yet shared any statement with the media regarding this.

However, when RaajjeTV contacted Assistant Commissioner of Police Ahmed Shifan, the police spokesperson, to obtain accurate information about the rumors that a large amount of money was taken into police custody during the search of Fazul's residence, he said that the police cannot make a comment “yet”.

According to reports across several media outlets regarding the case, the bag taken into police custody during the search of Fazul's residence contained about MVR 1.4 million. However, it is not yet clear exactly what allegations are being made against Fazul in the investigation. It is also not known if there are any allegations related to the stash of cash.

In connection with this case, ‘Relax Ferry Service’, a private company that provides ferry services to the atolls of the Maldives, has stated that they had given MVR 1.4 million to the company of Ibrahim Fazul Rasheed, the former Managing Director of HDC, to construct a launch.

Relax said this after some media houses reported claiming that a bag containing MVR 1.4 million was found when police searched the house where Fazul lives in late December last year as part of the investigation into the ‘Binveriyaa’ and ‘Gedhoruveriyaa’ housing schemes.

In the post made by Relax, they said that they had transacted with Fazul's company in 2022 and built a launch. They also said that due to the high quality of the launch built by that company, discussions were held to build a second launch. Relax stated that after discussions held in early 2024, they had given MVR 1.4 million in cash to Fazul in December. However, no further details about this have been disclosed.

The police and Anti-Corruption Commission (ACC) are investigating the case of HDC allegedly allocating plots in Hulhumalé to people who do not meet the criteria for the land ownership scheme, the case of alleged corruption in the allocation of Vinares flats, and the case of suspected major deceptions in the allocation of flats under the home ownership scheme.

Among the allegations made against Fazul at the time were the case of using influence in his position, to allocate a plot of land to his brother, Malé Water and Sewerage Company (MWSC) Deputy Managing Director Mohamed Fazeel Rasheed, who did not meet the criteria. The case of plots being allocated to other ineligible people has also come to light.

As the police and ACC are investigating this, Fazul resigned from his position on 21 December 2024, saying it was to allow for the investigation. His passport has been withheld since.