Police raided the home of Hanbo company's minority shareholder Hassan Mamdhooh 'Mandey,' who is suspected of fraud in the sale of apartments from the K Park Residence in Hulhumale,' and seized assets related to the case.
The K Park project was carried out in Hulhumale' by Hanbo Maldives, a company formed in partnership with Korea's Hanbo company.
The company's majority shareholder, a Chinese national named Jin Shihu, filed a case with the police accusing the Maldivian minority shareholder Hassan Mamdhooh of defrauding a large number of people in the sale of apartments from the 110 mixed-use residential complex.
The police investigation has been ongoing for about six months.
In a message sent to the media, the police said the suspect's home was searched with a court warrant on Sunday. Items related to the case were taken from Mamdhooh's home, it added.
Expensive assets that Mamdhooh is suspected to have bought with money made from selling K Park apartments were also seized under the order issued by the Hulhumale' Court, Adhadhu has learned.
The assets are believed to include those under his wife's name, but details are not yet clear.
Mamdhoo was previously arrested in the case. But he was later released and his passport was withheld.
Hanbo Korea alleged that Mamdhooh forged Jin Shihu's signature to fraudulently sell apartments to a large number of people.
The sales exceeded the number of apartments and Mamdhooh is also alleged to have sold apartments to some buyers in exchange for valuable assets.
In a statement issued in response to the allegations, Mamdhooh said the project was carried out with funds taken from people and accused the majority shareholder of committing fraud.
However, Mamdhooh's statement did not respond to the signature forgery allegation.
