Financial Crime World

Maldives Police Service Cracks Down on Financial Crime Ring, Arrests Key Suspect

Significant Breakthrough in Ongoing Battle Against Financial Crime

The Maldives Police Service (MPS) has made a significant arrest in the ongoing battle against financial crime. A 37-year-old local male has been arrested and accused of masterminding a massive fraud scheme involving multiple foreign companies.

The Modus Operandi

The suspect’s modus operandi involved presenting counterfeit telegraphic transfers (TTs) in exchange for goods from foreign companies. The scam was reportedly carried out with ease due to the lack of adequate verification measures by the targeted businesses.

Investigation and Arrest

According to sources within the Economic Crime Department of MPS, which is leading the investigation, the suspect’s activities were uncovered after a series of complaints were lodged by foreign companies over the past three years regarding the use of fake TTs. The arrest comes as authorities expect the number of affected companies to increase significantly.

International Cooperation

To combat this growing trend, the Maldives Police Service is working closely with INTERPOL and other international counterparts to identify the targeted companies and disrupt the criminal network. In fact, INTERPOL’s National Central Bureau (NCB) in Male’ issued a purple notice late last year alerting member countries about this particular modus operandi.

Global Rise of Financial Crimes

Financial crimes and fraud have been on the rise globally since the COVID-19 pandemic, with many businesses shifting their communication to online platforms. The Maldives Police Service is urging local companies to exercise caution when conducting transactions online, stressing the importance of verifying the identity of business counterparts before proceeding with deals.

Warning to Businesses

The arrest serves as a warning to businesses to remain vigilant and cautious in their dealings, particularly those involving international transactions. The investigation into this case continues, and further details are expected to be released in due course.

Key Points:

  • A 37-year-old local male has been arrested for masterminding a massive fraud scheme involving multiple foreign companies.
  • The suspect presented counterfeit TTs in exchange for goods worth over US $80,000 from international firms between 2019 and 2022.
  • The Maldives Police Service is working closely with INTERPOL to identify targeted companies and disrupt the criminal network.
  • Financial crimes and fraud have been on the rise globally since the COVID-19 pandemic, with many businesses shifting their communication to online platforms.