Financial Intelligence Unit investigated source of funds used to pay off ruling party MP's debt

Sep 21, 2025, 2:27 PM
Mohamed Sinan and Muhthaz Muhsin.

Mohamed Sinan and Muhthaz Muhsin.

It has been revealed that the central bank's Financial Intelligence Unit (FIU) began an investigation after Hithadhoo North MP Mohamed Sinan raised money to pay off a debt following a Supreme Court petition to disqualify him.

A Suspicious Transaction Report (STR) prepared by the FIU was recently leaked on social media. Adhadhu can confirm the authenticity of the report. It was prepared a week after Sinan paid off his Maldives Islamic Bank (MIB) debt.

According to the report, former Prosecutor General (PG) Muhthaz Muhsin went to the MIB to deposit MVR 1,749,000 in cash to an account registered to Sinan and Ahmed Waheed. The money was then used to pay off the debt.

Muhthaz provided a document to the bank, stating that the money was loaned to Sinan under an agreement with Health and Glow Pvt Ltd signed on February 12,2025. The company is owned by Abdulla Naseem, who sits on the board of directors of the Bank of Maldives (BML).

The agreement stipulates that Sinan must repay the amount within six months. The relationship between Sinan and the company is unclear. But the company had provided him with MVR 1.7 million in cash under the agreement.

The agreement contains Sinan's name, address and ID card number as the borrower, but the signatory was named as Ahmed Saleem. Muhthaz's wife Shadhiya Adam signed as a witness, according to the FIU report.

The report raised questions as there were discrepancies in the agreement, and in terms of the people involved in this transaction. It is unclear whether the transaction was further investigated.

Sinan paid off his debt after top court petition

Adhadhu earlier reported that Sinan paid off the outstanding MVR 1.3 million to the MIB on February 13, 2025.

Former Criminal Justice Advisor to President Dr. Mohamed Muizzu and State Minister for Foreign Affairs Muhthaz Muhusin took MVR 1.3 million in cash to the MIB headquarters on Medhuziyaaraiy Road in Male'.

Multiple sources confirmed this to Adhadhu.

When contacted for comment on February 17, Muhthaz said the ruling party MP was his client. He declined to provide details about Sinan's loan and the case.

"If you are sure that this is accurate information, I have no objection to reporting it that way. I have no further comment on that," the former Judge said.

Sinan did not respond to questions about the source of the MVR 1.3 million cash paid to MIB. He did not answer phone calls when contacted by Adhadhu.

The petition filed by Ghalib Saleem to the Supreme Court noted that the Constitution stipulates MPs would lose their seat if they fail to repay a proven debt.

The case involves a joint loan of MVR 3.8 million from MIB. According to the petition, MIB filed a lawsuit on July 21, 2024, for breach of the loan repayment agreement.

Hithadhoo Magistrate Court issued a ruling on October 14, 2024, ordering payment of the outstanding MVR 2.5 million in six months. However, Sinan and his co-borrowers did not pay the money within six months.

Article 73 of the Constitution states that if a person has a proven debt and is not paying it in accordance with the judgment, he cannot contest for the post of Member of Parliament and will be disqualified if he is a sitting MP.

The case is now awaiting a judgment. If proven, Sinan will become the first disqualified MP from the 20th People's Majlis.

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