MMPRC funds laundered through dollar network

The investigation report into the MMPRC scandal publicized by the Anti Corruption Commission (ACC) has revealed that the MMPRC funds were embezzled by a network of 15 individuals under the guise of currency exchange.

ACC revealed the report on Thursday after having disclosed the details of the scandal for a long time. The report stated that the funds were deposited into a Bank of Maldives account under the name SOF Pvt Ltd, after which it was transferred to twenty individuals for the currency exchange purposes. The dollars were sold by the individuals after which part of the equivalent Rufiya was deposited back into the Rufiya account of SOF.

The largest number of funds were transferred by SOF to an individual named Abdulla Rasheed from Feydhoo island of Seenu atoll, who received USD 4.1 million. He received the dollars in batches of USD 15000 at a time, noted the report. The report further noted that the individual had carried out currency exchange using the deposited funds and transferred the funds to several accounts, although no records show that the exchanged Rufiya equivalent of the funds were deposited to SOF's Rufiyaa account.

In the statement given by Abdulla Rasheed to ACC regarding the transactions, he said the minimum amount of dollars sold by SOF is USD 10,000. While Abdulla Rasheed said he conducted his business through the exchange of currency, and the funds are allocated to him for exchanging by an employee of SOF named Isfaah, revealed the man. The exchanged currency was always handed over to Isfaah in hard cash, said Abdulla Rasheed in his statement. He further admitted that he knew the identity of several other individuals who were in the currency exchange network used by SOF, however, he denied knowing anything about SOF itself.

The other individuals in the currency exchange network include Ali Mujaah of M. Medhufalhu, Ahmed Shimaal from Karankaage, Th. Vilufushi, Ahmed Fazeel from Kahekshaan, Male; Mohamed Jazeel from Karaamaage, Male; and Ali Muhaazal from Bahaaruge, R. Maduvvary.