Police Receive 65 Reports on Illegal Dollar Trading Through New Hotline

The Maldives Police Service has received 65 reports concerning suspected illegal foreign currency transactions following the launch of a dedicated hotline to help authorities identify and crack down on unauthorized dollar trading.

Police introduced the hotline, 9388733, on September 1 to allow members of the public to report information related to illegal foreign exchange activities to an inter-agency task force established to investigate and take action against such practices.

In a statement issued on Tuesday, police said the reports received so far concern various individuals, businesses and online platforms allegedly involved in unauthorized foreign currency transactions.

Of the reports, 27 concern expatriates allegedly linked to illegal foreign exchange activities, while 18 involve establishments suspected of operating unauthorized foreign exchange businesses. Four reports concern establishments allegedly conducting foreign currency transactions at inflated rates, while another 16 relate to online platforms allegedly involved in such activities.

Police said the information received through the hotline has already resulted in action, with one expatriate taken into the custody of Maldives Immigration. Authorities are currently verifying information concerning the other reported individuals and entities before taking necessary legal action.

The latest development comes as the government steps up its campaign against the illegal foreign exchange market, particularly unauthorized dollar trading and transactions conducted at rates significantly higher than those permitted by the Maldives Monetary Authority (MMA).

Police have recently arrested several expatriates suspected of involvement in illegal dollar trading, publicly disclosed information about some of those arrested and conducted searches of premises believed to be connected to unauthorized foreign exchange activities.

The scale of the alleged black-market trade was highlighted last month when Minister of Homeland Security, Labour and Technology Ali Ihusaan revealed that an investigation into seven unauthorized money exchange entities found that approximately US$76 million had been traded through the black market over a nine-month period.

The government has also introduced stricter measures targeting the promotion of unauthorized foreign exchange rates. Advertising or promoting foreign currency exchange at rates exceeding those set by the MMA has been prohibited, while publishing or disseminating black-market exchange rates through digital platforms or other channels has been made a punishable offence.

The dedicated police hotline is now serving as an additional channel for authorities to gather intelligence from the public as the government intensifies efforts to curb illegal foreign currency trading and strengthen enforcement against activities contributing to pressure on the country’s foreign exchange market.