Three Bangladeshi nationals have been taken into immigration custody on suspicion of operating an unauthorised large-scale foreign currency exchange business.
The suspects were apprehended during a special police operation initiated after a tip-off received via the dedicated hotline for reporting illegal foreign exchange activities in the Maldives.
The individuals involved in the case have been identified as Amir Hussain, MD Mizanur Rahman, and Shiraz Khan. All three are suspected of involvement in black-market dollar trading. Police said that further legal action against the suspects will be determined based on the findings of the ongoing investigation.
The operation was conducted by the high-level national task force established by the government in August to crack down on black-market dollar traders.
Since the formation of this task force, it has been revealed that the first six expatriates arrested have circulated $1.6 million and MVR 54 million through their accounts over the past three years. Additionally, two other expatriates were taken into immigration custody in the middle of last month.
Approximately five days later, six Bangladeshi nationals were arrested at Velana International Airport while attempting to depart with a large sum of US dollars and other foreign currencies concealed inside "YeYe" brand cereal packets.
While the government has maintained that it will take stringent action against those engaging in illegal foreign exchange transactions, official reports of investigations and enforcement actions have so far been limited to a few expatriates, a handful of companies, and a single money exchange service.
