6 expats detained as police probe MVR 54 million, $1.6 million in transactions

Six foreign nationals have been detained on suspicion of operating an unlicensed foreign currency trading business, with bank accounts linked to the suspects recording transactions of more than MVR 54 million and USD 1.6 million over the past three years, police said on Monday.

The six men were detained in a joint operation conducted by the Maldives Police Service and Maldives Immigration as part of an inter-agency task force investigating unlicensed foreign currency trading.

According to police, those detained include four Bangladeshi nationals and two Indian nationals. They are currently in the custody of Maldives Immigration.

Police said an analysis of bank accounts connected to the suspects showed transactions exceeding MVR 54 million and USD 1.6 million over a three-year period.

The investigation found that the suspects were allegedly engaged in commercial foreign currency trading outside the scope of the employment permits under which they were authorised to work in the Maldives.

The government has increased enforcement against unlicensed foreign currency trading as part of measures aimed at addressing the parallel foreign exchange market.

Police said investigations have also identified the use of bank accounts belonging to Maldivians and accounts registered under sole proprietorships to receive, transfer and conduct transactions connected to suspected unlicensed currency trading.

Authorities warned Maldivians against allowing other individuals to use their personal or business bank accounts for such activities.

Police said allowing a bank account to be used by another person for unlawful transactions could constitute a criminal offence and urged account holders not to provide access to their accounts for such purposes.

The investigation into the six suspects and other cases involving unlicensed foreign currency trading is continuing.