Maldives Police Service has frozen the bank accounts of Naid Investment Pvt Ltd over allegations that the company was conducting foreign currency trading without a licence from the Maldives Monetary Authority (MMA).
Police said the company is suspected of buying and selling foreign currency without the required money exchange licence.
As part of the investigation, police are conducting a special operation at the company’s office in Maafannu Dhanbugoalhi to search the premises and collect evidence.
The account freeze and search are part of ongoing enforcement action against unauthorised foreign exchange activities under the Foreign Currency Act.
Authorities have previously taken action against individuals and businesses suspected of engaging in unlicensed foreign currency transactions, including the recent detention of several expatriates accused of operating an unauthorised foreign exchange network.
Police have said enforcement against illegal foreign currency trading will be strengthened as authorities continue efforts to curb unauthorised transactions and the country’s black-market foreign exchange activities.
