Financial Crime World

Maldives Police Crack Down on Online Financial Crime: Suspect Arrested for Fraudulent Activities Worth Over $80,000

Background

The Maldivian authorities have launched a major crackdown on online financial crime, resulting in the arrest of a 37-year-old man suspected of using counterfeit telegraphic transfers to acquire goods from international companies.

Investigation

The Economic Crime Department of the Maldives Police Service is investigating the case, which involves complaints from several foreign firms lodged between 2019 and 2022 regarding the use of fake TTs in exchange for their goods. According to police sources, the arrested individual was a key figure in the scam, having acquired and imported goods worth more than $80,000.

International Cooperation

The Maldives Police Service is working closely with INTERPOL and other international counterparts to identify the targeted companies. Late last year, the INTERPOL NCB Male’ issued a purple notice alerting member countries about this particular modus operandi.

Impact of Online Financial Crime

As per the INTERPOL Global Crime Trends Report 2022, financial crimes and fraud have been on the rise during and after the Covid-19 pandemic as companies shifted their communication to online platforms. It is advised that businesses verify the identity of their counterparts before proceeding with transactions.

Warning to Businesses

The arrest serves as a warning to businesses to remain vigilant and cautious when conducting transactions online. The investigation into this case continues, and further details are expected to be released in due course.

Key Takeaways

  • A 37-year-old man was arrested for using counterfeit telegraphic transfers to acquire goods from international companies.
  • The scam involved goods worth over $80,000 and is believed to have affected several foreign firms.
  • The Maldives Police Service is working with INTERPOL and other international counterparts to identify the targeted companies.
  • Businesses are advised to verify the identity of their counterparts before proceeding with transactions.