Adhadhu has learnt that relevant agencies are investigating alleged collusion between Fenaka officials and some gang leaders to use Fenaka funds to help the ruling People's National Congress (PNC) win last year's parliamentary elections.
Adhadhu can confirm that the Anti-Corruption Commission (ACC) initiated an investigation into the allegations. The case is also being investigated by the Maldives Police Service.
Reliable sources and some documents show that the ACC started investigating the case in December 2024.
The decision to investigate the case was based on a report prepared by the ACC's intelligence unit. The ACC decided to continue the case in collaboration with the police. However, neither the police nor the ACC have released any information regarding the case.
While the ruling PNC won a super majority in the parliamentary elections, it is unclear how much money from Fenaka was used in collaboration with gangs for the ruling party's campaign.
A report prepared by the central bank’s Financial Intelligence Unit (FIU) also revealed that the PNC got funds through Fenaka for the campaign.
It has also been revealed that Muaz Mohamed Rasheed, who was the Managing Director of the company at the time, paid a loan to the bank in cash.
According to the documents obtained by Adhadhu, from January to July 2024, MVR 4 million was deposited into Muaz's loan account as ATM deposits and through the account of a related person.
The FIU has also referred the case to the investigating agencies.
