Six Bangladeshi Nationals Remanded for 10 Days Over Alleged Money Laundering

Six Bangladeshi nationals arrested at Velana International Airport with foreign currency worth approximately MVR 3.86 million have been remanded in custody for 10 days on suspicion of money laundering.

The individuals are Mohammed Mainuddin Salah, Rajib, Mohammad Abdullah, Azgor Miridha, MD Mohiddin Chowdhury and MD Shahin Miah.

The six were arrested on September 18 after police intercepted them at the airport while they were preparing to depart for Bangladesh. Police seized foreign currencies from 18 countries, including USD 174,161, EUR 56,760 and GBP 1,815. The total value of the seized currency was estimated at MVR 3,861,415.29.

During their remand hearings, police raised money laundering allegations against all six individuals. However, several of the suspects denied knowledge of the money or claimed they had legitimate reasons for being at the airport.

Azgor told the court that he was travelling back to Bangladesh after working in the Maldives for three years. He said he works on a local island for a monthly salary of MVR 7,000 and claimed that the luggage containing the foreign currency belonged to Rajib.

According to Azgor, he met Rajib at the airport and only helped him with the check-in process because the luggage was heavy. He further claimed that he did not previously know Rajib.

Rajib, however, told the court that he had taken responsibility for the luggage at Azgor’s request and that Azgor had promised to pay him for doing so.

Shahin, meanwhile, told the court that he had gone to the airport to deliver a parcel given to him by Azgor and claimed he was unaware of its contents.

Police have not publicly disclosed the full circumstances surrounding the alleged money laundering operation, and investigations into the source and intended destination of the seized funds are continuing.

The arrests form part of an ongoing government crackdown on unauthorised foreign currency exchange, particularly black-market US dollar trading.

Police said the September 18 operation was conducted based on intelligence received by a specialised task force established to identify and take legal action against individuals involved in unauthorised foreign currency transactions.

The enforcement campaign follows amendments to the Foreign Currency Act that came into effect on September 1. Under the amended law, foreign currency can only be bought and sold at rates or within bands determined by the Maldives Monetary Authority (MMA), while foreign exchange businesses are required to operate under an MMA-issued licence.

The amended law also criminalises selling, attempting to sell or advertising foreign currency at rates above those determined by the MMA.

Authorities have previously arrested and investigated other expatriates over suspected involvement in unlicensed foreign exchange activities. The MMA has also warned individuals and businesses against conducting foreign currency transactions with unlicensed dealers.

Police said further action in the latest case will be taken based on the evidence gathered during the ongoing investigation.