Maldivian Man Arrested for Financial Fraud Involving Multiple International Companies

Male, Maldives - A 37-year-old Maldivian man is under police custody after being accused of defrauding several foreign companies using fake telegraphic transfers (TTs).

Arrest of the Suspect

The Maldives Police Service (MPS) arrested the man earlier this month in connection to a fraud investigation. According to the Economic Crime Department of MPS, the suspect is believed to have used counterfeit documents to acquire goods valued over US $80,000 from international businesses since 2019.

Victimized Companies and Fraudulent TTs

The victimized companies have filed complaints alleging the use of fraudulent TTs in exchange for their goods. The specific fraudulent scheme was identified by Interpol’s National Central Bureau (NCB) Male’, who issue a purple notice late in 2021.

Increase in Financial Crimes and Fraud

The INTERPOL Global Crime Trends Report (2022) highlighted an increase in financial crimes and fraud as a result of businesses transitioning to online platforms during the Covid-19 pandemic.

Collaboration with INTERPOL and International Counterparts

MPS is collaborating closely with INTERPOL and international counterparts to identify the companies that may have been targeted. More companies are expected to come forward with potential claims.

Caution for Businesses

This arrest serves as a reminder for businesses to perform due diligence before conducting transactions online. The MPS urges companies to be cautious and verify the identity of their business counterparts before entering into any financial agreements.

Ongoing Investigation

The investigation into this case is ongoing, and further details will be released as they become available.