Police today raided the offices of Naid Investments, the operator of Furaveri Island Resort, and seized the mobile phone of one of its shareholders.
Adhadhu understands that the police conducted raids on Naid Investment’s main office and other affiliated corporate premises. A retail outlet was also searched as part of the operation.
Police stated that the searches are part of an ongoing investigation into allegations of large-scale illegal foreign currency exchange operations conducted without a license from the Maldives Monetary Authority (MMA).
In addition to Furaveri Island Resort, Naid Investment also operates Page Hardware. Furthermore, the company acquired the island of Faafu Enbulufushi in 2022 for MVR 3.6 million.
The government’s crackdown on dollar traders comes as the value of the Maldivian Rufiyaa plummeted, with the dollar rate climbing to MVR 23 in the black market. Following this, President Mohamed Muizzu prohibited the reporting of unofficial dollar exchange rates in the media.
After ratifying regulations mandating increased foreign currency exchange, Muizzu asserted that resorts are state assets and that resort owners cannot be allowed to grow wealthy while the rest of the population faces financial hardship.
While the new regulations require resorts to convert 40 percent of their revenue into Maldivian Rufiyaa, resorts currently settle most of their major expenses in dollars, including staff salaries, service charges, supplies, fuel bills, TGST, income tax, withholding tax, land rent, and loan repayments.
