HDC reports MVR 200 million fraud to probe agencies
HDC confirmed that the cases had been formally submitted for full investigation.
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The Housing Development Corporation (HDC) has reported alleged fraud worth MVR 200 million during the previous Maldivian Democratic Party (MDP) government to investigative authorities.
In a statement issued on Thursday evening, HDC said that between 2019 and 2023, individuals had engaged in activities that caused significant losses to the corporation through misuse of land, goods and services.
The corporation said the alleged misconduct included theft of property, use of assets for personal purposes, and leasing of land in ways that undermined the company’s interests. It added that land sales carried out in violation of HDC’s procedures and regulations had also come to its attention.
HDC confirmed that the cases had been formally submitted for full investigation. “For information, the corporation is fully cooperating in investigating the above and taking legal action,” the statement said.
The announcement comes amid broader efforts to investigate corruption cases involving state-owned enterprises, including Fenaka Corporation and the Maldives Marketing and Public Relations Corporation (MMPRC).
