Six foreign nationals have been arrested at Velana International Airport (VIA) for attempting to smuggle a large sum of foreign currency out of the country, concealed inside packets of Ye Ye brand cereal.
Police informed the media that the arrests were made during an operation to identify and take legal action against those involved in the illegal trade of foreign currency. The operation was launched based on intelligence gathered by a task force established to curb such activities.
Upon intercepting and searching the suspects at the airport, authorities discovered currency from 18 different countries, including USD 174,161, EUR 56,760, and GBP 1,815. Police stated that the total value of the seized cash amounts to approximately MVR 3.8 million.
With these latest arrests, the number of foreign nationals known to be in custody for illegal foreign exchange dealings has risen to over 15.
During a recent press conference regarding the dollar black market, Home Minister Ali Ihusaan said that 12 foreign nationals were under investigation, with nine currently in detention. However, it remains unclear whether they are being held in police custody or under immigration detention.
Releasing details of six previously arrested individuals, police revealed that approximately USD 1.6 million and MVR 54 million had been circulated through their bank accounts over a period of three years.
As part of this crackdown, police have also raided the offices of Naid Trading and its affiliates on suspicion of supplying currency to the black market, subsequently freezing their bank accounts. Additionally, the Maldives Monetary Authority (MMA) has revoked the license of "Express Money Exchange."
The government initiated these stringent enforcement measures to address the dollar shortage after black market rates surged beyond MVR 22 per dollar. Since the commencement of these operations, the government maintains that they have successfully managed to bring down the black market exchange rate.
