Maldives: 37-Year-Old Man Arrested for Telegraphic Transfers Fraud
In an unprecedented move against financial crimes, the Maldives Police Service announced the arrest of a 37-year-old local male for his involvement in a fraudulent scheme that targeted foreign companies using counterfeit telegraphic transfers.
Details of the Fraud
The incident, which occurred in the opening weeks of March 2023, has left many in the Maldivian business circles stunned. According to a statement released by the Maldives Police Service:
- The man had been falsifying telegraphic transfer documents and deceiving unsuspecting foreign companies into making payments into his own account.
- The total monetary damage caused by the fraudulent activities is yet to be ascertained.
- The man used sophisticated methods, such as forged documents and identity theft, to trick companies into believing the transactions were legitimate.
Police Response and commitment to Protecting Foreign Investors
The spokesperson for the Maldives Police Service addressed a press conference and disclosed:
“The man under investigation is believed to have used sophisticated methods, such as forged documents and identity theft, to trick companies into believing the transactions were legitimate. As part of our ongoing efforts to protect foreign investors and ensure the integrity of the financial system, we will leave no stone unturned in our pursuit of justice.”
Suspect Currently in Police Custody
The suspect is currently in police custody and being interrogated. Further details of the investigation will be shared in due course.
Reminder for Companies to Exercise Caution
The Maldives Police Service encourages all companies, local and foreign, to exercise caution when dealing with financial transactions and to report any suspicious activities to the police immediately.
The Maldives Police Service’s Commitment to Addressing Financial Crimes
The latest arrest underscores the Maldives Police Service’s commitment to addressing financial crimes and ensuring the safety and security of both local and international businesses operating in the Maldives.