Adhadhu has learnt that MVR 21 million was circulated in the bank account of one of the suspects in the theft of oil from state-owned Fuel Supply Maldives (FSM).

An investigation is ongoing into FSM employees suspected of stealing fuel from the company and laundering the money gained from selling the oil.

Homeland Security Minister Ali Ihusaan revealed the investigation on social media on December 1. He said police had searched the homes of 10 individuals and two oil barges and recovered electronic equipment and documents related to the case.

One suspect is the captain of an FSM oil barge. Sources told Adhadhu on condition of anonymity that his monthly salary is MVR 35,000 but more than MVR 21 million had circulated through his account within a short period.

The suspect's annual salary is MVR 420,000. The amount circulated through his account is 50 times more than his annual salary. Sources said the suspect had purchased expensive property using the money from selling stolen oil.

He purchased an apartment from the towers built for State Trading Organization (STO) employees. A source said he paid the full payment of MVR 1.8 million for the apartment in cash.

Police have seized his electronic devices as well as the devices of people related to him.

Meanwhile, the parliament summoned STO officials to a meeting of the Public Accounts Committee. But details were not available as the meeting was held behind closed doors.

Several FSM employees were sacked after police initiated the investigation. Its Managing Director (MD) Ismail Suhail resigned on November 26, 2024.