Police launch probe into alleged unlicensed foreign currency business

The Maldives Police Service has launched an investigation into allegations that a company was operating a foreign currency exchange business on a large scale without a money exchange business licence issued by the Maldives Monetary Authority (MMA).

Police said the investigation is linked to Naid Investments Private Limited and that bank accounts allegedly being used by the company to conduct foreign currency transactions have been frozen.

Police are currently conducting a special search operation at the company’s office located at M. Dhanbu Goalhi in Malé to obtain further evidence and information required for the investigation.

The police have not disclosed further details regarding the operation or the investigation at this time.