Ibrahim Didi denies knowledge of MVR 9.8M Fenaka payments to company

Kolamaafushi MP Ibrahim Didi on Tuesday denied knowledge of payments made to D&V Investment Pvt Ltd, a company in which he is listed as a shareholder, following the release of a Financial Intelligence Unit (FIU) report linking the company to transactions by Fenaka Corporation ahead of the 2024 parliamentary elections.

The FIU report stated that Fenaka paid MVR 9.8 million to D&V Investment in two transactions, four days before the elections. The company, which is solely owned by Didi and his wife according to the Economic Ministry’s business registration portal, later transferred MVR 750,000 to Cango Pvt Ltd through five transactions. The report said Cango then disbursed the money to various individuals.

Fenaka also made a separate transfer of MVR 2.45 million to Cango, processed on 18 April 2024. The FIU said the timing and nature of the transactions raised concerns, noting that they took place close to polling day and were processed outside regular banking hours.

When contacted, Didi said he had not been involved in the business activities of D&V Investment for years, despite being recorded as a shareholder. He said he was unaware of the company’s income, including the transactions highlighted in the report.

“Fenaka should clarify how the money was obtained. I was shocked when I heard about it. I do not know,” Didi said, adding that although his name is listed as a shareholder, he has not taken any money from the company.

Didi’s financial statements submitted to parliament show that his only income in 2023 was MVR 912,200 from salary and allowances as a member of parliament. The documents also confirm he holds a 50% stake in D&V Investment but did not receive any dividends or other income from the company last year.

According to the FIU report, the funds channelled through D&V Investment were allegedly used to circulate money during the elections, in which the ruling People’s National Congress (PNC) secured a super majority.