Authorities have frozen the bank accounts of Naid Investments, the operator of Furaveri Island Resort, and launched a search operation at the company’s main office.
Police stated that the raid is part of an investigation into allegations that the company has been conducting large-scale illegal foreign exchange transactions without the required money exchange license issued by the Maldives Monetary Authority (MMA).
"Following the freezing of bank accounts used by Naid Investment Private Limited for foreign currency trading, an operation is currently underway to search the company's office in Maafannu Dhanbugoalhi to gather further evidence for the investigation," the police confirmed in a statement.
Police personnel are currently active on the third floor of Maafannu Newton, located on Dhanbu Magu.
In addition to Furaveri Island Resort, Naid Investments also operates Page Hardware. In 2022, the company acquired the island of Faafu Enbulufushi for MVR 3.6 million.
