Maldives Police Service and Maldives Immigration have detained six expatriates suspected of operating an unauthorized foreign currency exchange network, with authorities finding that MVR 54.4 million and USD 1.63 million were circulated through their personal bank accounts over the past three years.
Police said the arrests were made as part of an investigation by a specialised task force established to identify individuals involved in unauthorized foreign currency trading.
According to the authorities, the six expatriates were allegedly conducting foreign currency exchange activities beyond what was permitted under their respective employment categories.
The individuals detained are Mohammed Rahul Amin, a Bangladeshi national employed as an accountant; Masudh Mia, a Bangladeshi waiter; MD Fareed Uddin, a Bangladeshi driver; Dulkarnai Imran Khan, an Indian engineer; Mohamed Asath Kalandar Hussain, an Indian salesperson; and Mohammed Mahamudur Hassan, a Bangladeshi cleaner.
Police said analysis conducted during the investigation identified a wider pattern in which personal bank accounts and accounts belonging to businesses registered under local names were allegedly being handed over to expatriates to facilitate the movement of funds linked to illegal activities.
Authorities have warned the public against allowing others to use their bank accounts for unlawful transactions, noting that account holders could face criminal prosecution for assisting such activities.
The investigation comes amid intensified government efforts to crack down on the country’s foreign currency black market.
During a press briefing on July 24, Home Minister Ali Ihusaan said an investigation into seven entities involved in unauthorized foreign currency exchange had found that approximately USD 76 million had been traded through the black market over a nine-month period.
The Government has introduced stricter measures targeting unauthorized currency trading and the promotion of black-market exchange rates.
Under the new regulations, advertising or promoting foreign currency exchange at rates above those established by the Maldives Monetary Authority (MMA) is prohibited. Publishing or disseminating black-market exchange rates through digital platforms and other channels has also been criminalised.
Individuals found violating the regulations may face fines ranging from MVR 25,000 to MVR 500,000, while companies and registered businesses may face fines of between MVR 100,000 and MVR 5 million.
The changes were ratified by President Dr Mohamed Muizzu following their passage by Parliament.
Authorities have said further action will be taken against individuals and entities found to be involved in unauthorized foreign currency trading and the movement of illicit funds.
