MVR 12M Fenaka payments questioned ahead of 2024 election

A leaked report from the Maldives Monetary Authority’s Financial Intelligence Unit (FIU) has raised concerns over transactions made by Fenaka Corporation in the days leading up to the April 2024 parliamentary elections.

According to the report, Fenaka released MVR 12 million to two companies, with funds later transferred into accounts of various individuals. The transactions took place between Fenaka and Cango Pvt Ltd from 2023 to September 2024.

Cango had agreements to supply automatic voltage controllers, transformers and remote radiators. During the period, the company received a total of MVR 37 million from Fenaka. The FIU identified a voucher worth MVR 2.47 million issued on 17 April 2024 as a questionable transaction. The funds were processed through a bank transfer at 2:00 pm on 18 April, three days before the parliamentary elections held on 21 April. By the following day, about MVR 700,000 had been distributed to multiple parties.

The report also stated that Fenaka transferred about MVR 9.8 million to D&V Investment Pvt Ltd, a company owned by MP Ibrahim Didi and his wife Ihsaana Shareeg, in two transactions on 16 April 2024. Within two days, D&V issued MVR 750,000 across five transactions. The money was subsequently routed through Cango and disbursed to different individuals.

When questioned, then-Managing Director of Fenaka, Muaz Mohamed Rasheed, said he believed the FIU report contained inaccuracies, including details of the transactions. He denied any wrongdoing and stated that he had previously called for investigations when similar allegations surfaced.

MP Ibrahim Didi could not be reached for comment. He did not respond to phone calls or messages.

The ruling PNC went on to secure a super majority in the April 2024 elections.