Court releases K-Park fraud's Mamdooh on condition of cooperation
Last week, he was remanded in custody until the conclusion of his trial.
Hassan Mamdooh, who is facing multiple charges related to the alleged embezzlement of funds from the K-Park residential development in Hulhumalé, has been released from custody on the condition that he cooperates with the ongoing court proceedings.
Mamdooh had previously failed to attend scheduled hearings in the Criminal Court, with medical certificates submitted to justify his absence. Last week, he was remanded in custody until the conclusion of his trial.
During a hearing held Thursday, Criminal Court Judge Ali Nadeem ruled that Mamdooh would be released under the condition that he continues to cooperate with the court. The judge stated that a failure to comply would result in his re-arrest.
The case involves more than 50 individuals who have reportedly been affected by the fraudulent sale of 23 apartments in the unfinished K-Park project. Each of the transactions is being prosecuted separately.
Mamdooh faces a total of 104 charges, including:
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50 counts of tax-related offences
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50 counts of fraudulent conduct
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3 counts of knowingly submitting invalid documents with intent to deceive
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1 charge of money laundering
His alleged accomplice, Jaishan Saeed, has been charged with 74 offences, including:
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47 counts of fraudulent conduct
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27 counts of participation in tax-related offences
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20 counts of tax-related offences
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3 counts of knowingly submitting invalid documents with intent to deceive
Mamdooh’s assets have been frozen pending the outcome of the case. Among the seized items is a penthouse apartment valued at MVR 8 million, which Mamdooh and his wife had occupied.
The investigation also revealed the seizure of luxury items including approximately 200 perfume bottles, handbags valued between MVR 40,000 and MVR 50,000, and jewellery worth between USD 10,000 and USD 25,000.
