Criminal Court has sentenced Hassan Mamdhooh (Manday) to 397 years in prison following his conviction on multiple charges related to a massive fraud scheme involving the sale of K-Park Residence apartments in Hulhumalé.
Alongside him, co-defendant Jaishan Saeed was sentenced to 159 years for his role in the scam.
The court found Mamdhooh guilty on several counts. He received 368 years for 46 counts of embezzlement (eight years per count), over 13 years for 44 counts of fraudulent activity, and more than a year for three counts of providing forged documents. Additionally, he was sentenced to nearly 15 years for a single count of money laundering. After accounting for time already served in detention, his final sentence stands at 397 years, six months, and 20 days.
Jaishan Saeed was convicted of 46 counts of being an accomplice to embezzlement, 40 counts of fraudulent acts, three counts of providing false documents, and one count of assisting in money laundering. His total sentence, after deducting time served, amounts to 159 years, five months, and 14 days.
As a result of the money laundering conviction, the state has seized Mamdhooh’s luxury penthouse and parking slot at FW Residence, valued at MVR 7.8 million. Investigations revealed that Mamdhooh purchased the property using funds obtained by selling two K-Park apartments to four different people.
During a raid on the penthouse, police seized high-end goods worth MVR 7 million. The confiscated items include 200 unopened perfume bottles, a luxury handbag valued at MVR 90,000, $10,000 in cash, and jewelry worth $25,000. The combined value of the penthouse and the seized assets totals MVR 14.8 million.
The K-Park Residence is a project in Hulhumalé Phase I developed by Hanbo Maldives, a joint venture with the South Korean firm Hanbo Tech. Mamdhooh was a minority shareholder in Hanbo Maldives. The scandal came to light after buyers raised concerns over significant delays in the completion of the apartments, leading to the discovery of the widespread fraudulent scheme.
