Police have arrested Hassan Mamdhooh (Manday), a minority shareholder of Hanbo Company Pvt Ltd., the local agent for the Korean company Hanbo Tech.
Manday holds a five percent stake in Hanbo Company, while Jin Shihu, a Chinese businessman, is a 95 percent shareholder and managing director of the company.
Hanbo Tech is currently involved in the development of a condominium, K-Park Residence, in Hulhumale'. Manday is accused of fraudulently selling flats being constructed under the project to a large number of people and extorting money from them.
When the allegations surfaced in April this year, authorities withheld Manday's passport during the first week of May. However, the Criminal Court on Tuesday released his passport to allow him to travel abroad for an essential purpose, conditioning him to return to the Maldives within 45 days.
Mandey's arrest was carried out under a court order issued by the Hulhumale Magistrate's Court after receiving information that he was planning to flee the country. Reliable sources informed AVAS that Mandey attempted to leave the Maldives following the Criminal Court's decision to release his passport. The exact reason behind his inability to depart remains unknown. The police today conducted a search for him and apprehended him several hours later
