The Maldives Police Service (MPS) has yet to comment on rumors surrounding the discovery of MVR 1.4 million during a search of former Housing Development Corporation (HDC) Managing Director Ibrahim Fazul Rasheed’s residence. The money, which is reportedly in police custody, was allegedly found during a search conducted on the night of December 22, 2024, as part of an ongoing investigation into the ‘Binveriyaa’ housing scheme. This scheme is under scrutiny for allegedly involving the allocation of plots to ineligible individuals in Hulhumalé.
While the MPS confirmed that a large sum of money was discovered in a bag during the search, no official statement has been made about its exact origin or whether it is linked to the investigation. The police had previously reported that electronic equipment was seized from the residence, but details about the items taken have not been disclosed. Why hasn’t the police made an official statement about the origin of the money? Could there be more significant evidence that hasn’t been revealed yet?
Assistant Commissioner of Police Ahmed Shifan, the police spokesperson, stated that the police could not comment at that time. Media outlets have reported that the bag found in Fazul’s residence contained MVR 1.4 million, but the connection between the cash and the investigation remains unclear. How long will it take for the police to clarify the money’s link to the ongoing investigation? Is there a deliberate attempt to withhold this information?
The investigation is focused on allegations that HDC allocated plots to individuals who did not meet the criteria set for the ‘Binveriyaa’ scheme, as well as corruption related to the allocation of flats under the ‘Gedhoruveriyaa’ and ‘Vinares’ housing schemes. Among the accusations against Fazul is that he used his influence to allocate a plot of land to his brother, Malé Water and Sewerage Company (MWSC) Deputy Managing Director Mohamed Fazeel Rasheed, who allegedly did not meet the necessary criteria. Other cases involving ineligible individuals receiving land have also emerged. Were any other high-profile figures involved in these questionable land allocations? Could this be the tip of the iceberg?
Fazul resigned from his position as HDC Managing Director on December 21, 2024, stating that he did so to allow the investigation to proceed without interference. Authorities have also withheld his passport as part of the ongoing investigation. Could Fazul’s resignation be an attempt to distance himself from any legal ramifications, or is it a sign of cooperation with the authorities?
In a related development, Relax Ferry Service, a private company, issued a statement confirming that they paid MVR 1.4 million to a company owned by Ibrahim Fazul Rasheed for the construction of a launch. The company said the payment was made in December 2024 as part of an agreement made in 2022, following the successful construction of a launch by Fazul’s company. Relax also noted that discussions had been held to construct a second launch in early 2024. However, they did not provide additional details regarding the transaction. Why was Relax Ferry Service paying MVR 1.4 million in cash to Fazul? What was the reason for the cash transaction? Is this standard practice in such business dealings, or does it suggest something more suspicious?
