Maldives Police Service Reports USD4 Million Loss in Financial Fraud Cases Since 2021

The Maldives Police Service (MPS) has announced a significant loss of over USD4 million due to financial fraud cases since 2021. Here are the key points from a recent press conference by the Economic Crime Department.

USD2 Million Loss in Early 2023

MPS reported a loss of USD2 million from financial fraud cases between the end of 2022 and January 2023. The department highlighted that through collaborative efforts with banks, police, and other relevant agencies, millions of dollars have been successfully recovered.

Over 28,000 Fraud Reports and Monetary Losses

The Economic Crime Department has received a total of 28,003 reports of fraud since 2021, with losses exceeding USD4 million. While the number of reported cases declined to 971 in 2023, the monetary losses were higher due to an increase in cybercrimes like account hacking and unauthorized money transfers.

Multiple Forms of Fraudulent Activities

Superintendent of Police Abdulla Rasheed shared insights into various forms of fraudulent activities in the Maldives. Some common types include:

• Scams related to flat and land transactions
• Promotions
• Online businesses
• Dollar transactions

To tackle this issue, MPS plans to establish a scam center in collaboration with relevant authorities. Scheduled to begin operations in March, the center aims to be fully functional by the end of the year.

MPS Combating Fraud and Raising Public Awareness

The Maldives Police Service is not only taking action against fraud but also working to educate the public. Their initiatives include informative campaigns and partnerships with banks to help people protect themselves from potential scams.