Mamdooh remanded to 15 days over K-Park flat sale fraud
He was arrested on Wednesday under the warrant.
Criminal Court on Thursday remanded Hassan Mamdooh, the minority shareholder of Hanbo Maldives company which is developing the K-Park Residence luxury flats in Hulhumale in the investigation into allegations he sold flats to customers of at low prices and extorted large sums of money from the company's customers.
Mamdooh was remanded after his arrest on Wednesday, a police spokesperson told Atoll Times on Wednesday.
Mamdooh's passport was impounded in June for the investigation, but the Criminal Court released it on Tuesday, sparking public outrage.
Hulhumale magistrate court subsequently granted a police request for an arrest warrant on Tuesday evening. He was arrested on Wednesday under the warrant.
A case where he allegedly used Hanbo Maldives to sell flats in the K-Park residences to fraudulently sell the flats at a cheap price emerged in May. The company filed a criminal complaint with the police.
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Hanbo alleged that Mamdooh and another person had extorted money from many people
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Hanbo said the signature of its Managing Director Jin Shi Hu, who owns 95% of the company, was forged
Besides Mamdooh, the passports of two others were seized in the case. Atoll Times has learned that the two are Jaishan Saeed, a business partner of Mamdooh's who is allegedly involved in selling the flats dishonestly, and a South Korean national who is said to be a broker for a South Korean company called Hanbo Tech.
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High Court accepts appeal for recovery of Mamdooh's property
Over 200 charges against 2 in K-Park fraud; 104 on Mamdooh alone
