News Desk
Six foreign workers—four Bangladeshi nationals and two Indian nationals—have been taken into Immigration custody after authorities uncovered an illegal foreign currency exchange operation that moved over MVR 54 million and USD 1.6 million through their personal bank accounts over the past three years.
A joint task force formed by Police and Maldives Immigration intercepted the suspects following an investigation into illegal foreign exchange trading across the country. According to police statements released today, the group was operating well outside their registered employment permits, running a full-scale black-market dollar ring.
Among the four Bangladeshi nationals arrested were an accountant, a waiter, a driver, and a cleaner. The two Indian nationals involved were employed as an engineer and a salesperson.
Investigators revealed that foreign workers operating illicit forex rings frequently use personal accounts and local business registrations held by Maldivian citizens to cycle black-market cash. Authorities issued a stern warning to locals against lending their bank accounts to foreign nationals, noting that account holders who facilitate these transactions will face criminal prosecution as accomplices.
The arrests come amid a broader crackdown on the parallel foreign exchange market. Home Minister Ali Ihusaan previously revealed that a probe into seven illegal exchange operators found they had traded $76 million on the black market within just nine months.
To curb the informal currency market, President Dr. Mohamed Muizzu yesterday ratified amendments passed by the People’s Majlis strictly banning the advertisement or publication of black-market exchange rates, including on digital platforms. Individuals caught promoting unofficial rates face fines between MVR 25,000 and MVR 500,000, while registered businesses face penalties ranging from MVR 100,000 to MVR 5 million.
