Mamdhooh: A case has come to light in which he allegedly received money in the name of K Park.

Local partner in K-Part housing project accused of fraud

Hanbo said it had brought the matter to Urbanco's notice and now has asked the housing corporation not to have any communication with Jaishan and Mamdhooh.

3 May 2023

By Mohamed Muzayyin Nazim

Hanbo Company Private Limited, which is developing the luxury K-Park residence complex in Hulhumale, on Tuesday alleged that its minority shareholder Hassan Mamdhooh sold flats fraudulently, and that it has filed a complaint with the police seeking a criminal probe into the matter.

Hanbo issued a statement via their lawyers stating that Mamdhooh and another person had taken money from several people through a huge fraud and urged the public to be cautious.

The company alleged that Mamdhooh did this by forging the signature of Jin Shihu, the managing director who holds 95% stake in the company. Jin Shihu is a Chinese citizen.

"While flats were sold to many people at throwaway prices, Hassan Mamdhooh signed the purchase agreement using a company resolution on which Jin Shihu's signature had been forged and his power of attorney given to Jaishan Saeed," the statement said.

"Some of the agreements were signed by Jaishan Saeed and some were signed by Hassan Mamdhooh by misleading on the pretext of doing something as managing director of the company."

Jaishan Saeed is Mamdhooh's business partner.

According to the statement, the company did not authorise the sale of flats to anyone. "After signing these agreements, it was learnt that Mamdhooh had asked many people to pay in cash," the statement said.

"Direct transactions were made by Hassan Mamdhooh and Jaishan Saeed to get the money," the statement said.

Hanbo added:

  • The company opened its bank account with The State Bank of India (SBI), but Mamdhooh received money from some customers through a Rufiyaa account and a Dollar account opened with the Bank of Maldives (BML) by forging the signature of Jin Shihu.

  • Information gathered during the meeting with the bank revealed that the account was opened while Jin Shihu was in China

  • For the purpose of opening the account, a passport copy of Jin Shihu was submitted by a lawyer with the original version of the copy; but the lawyer did not meet Jin Shihu and he did not hand it over to the lawyer

According to the statement, Mamdhooh had withdrawn a large amount of money deposited in these bank accounts. These transactions were also carried out using a company resolution signed by Jin Shihu, the statement said.

"When this came to his notice, the company's Managing Director [Jin Shihu] met Mamdhooh and asked him to cooperate with the company, but he did not do so," the statement said.

"Even after this directive, the MD of the company has been informed by customers that both Hassan Mamdhooh and Jaishan Saeed have contacted various customers and dealt with money related to apartments," it said.

"There is evidence of this," the statement said.

"Further investigation revealed that Hassan Mamdhooh had taken cars and other items from several people in lieu of the cost of the apartment," the statement said, adding that Mamdhooh was also borrowing money from customers for personal purposes.

"In addition, the company is deeply concerned that the same apartment has been sold to several people and made money."

The statement added that Mamdhooh had registered two businesses using the names of K-Park and Jin Shihu's Hong Kong company in connection with the fraud. 

Hanbo said it had brought the matter to Urbanco's notice and now has asked the housing corporation not to have any communication with Jaishan and Mamdhooh.

"It has also been brought to the notice of HDC whether Hassan Mamdhooh has withheld the documents of the agreements made with the customers and acceptance of the money and the fact that despite repeated requests for these documents, they have not been provided," the statement said.

Hanbo urged people to be careful and avoid any communication with Mamdhooh and Jaishan. It has also sought that those who paid the money collected in the fraud should inform the investigating agencies.

Hanbo said it was in the process of handing over the flats to its customers after completing the K-Park's residence in the last quarter of this year.