Hanbo company's minority shareholder Hassan Mamdhooh accused of fraud in the sale of apartments from the K Park Residence in Hulhumale' was detained on Wednesday.
Adhadhu understands that he was arrested from his apartment in the Amin Avenue building in Hulhumale'.
The criminal court previously issued an order to hold Mamdhooh's passport at the request of the police. Mamdhooh asked the court to review the order saying he needed to meet his family overseas and arrange essential family matters.
While the criminal court released Mamdhooh's passport for 45 days Tuesday, Adhadhu has learned that the police had also asked the court for a warrant to arrest Mamdhooh. The court granted the warrant.
The K Park project was undertaken by Hanbo Maldives, a company formed in partnership with Korea's Hanbo company. A Chinese national named Jin Shihu owns 95 percent of shares in the company. Mamdhooh owns a five percent stake.
Hanbo Korea alleged in a statement that Mamdhooh forged Jin Shihu's signature on apartment sale agreements and used a resolution said to have been provided to his business partner Jaishan Saeed.
Mamdhooh also issued a statement in response and levelled many allegations against the majority shareholder. The project was carried out with funds taken from people and the majority shareholder committed fraud, he claimed. However, Mamdhooh's statement did not respond to the signature forgery allegation.
After Hanbo Korea's statement, immigration held Mamdhooh's passport as ordered by the court and the police launched an investigation at the request of Urbanco.
