Champa Brothers, one of the Maldives’ largest companies, has been summoned to the Asset Recovery Commission for suspected money laundering of MVR 54 million in connection with the MMPRC scandal, reports local news outlet Mihaaru.
The sum in question was allegedly issued to Champa Brothers by SOF, the company that funnelled the MMPRC fund to many private and public companies. The companies, however, argue that it was a dollar exchange trade.
According to the local news report, Champa Brothers was asked to respond to several suspicious transactions in 2014 and 2015. The Asset Recovery Commission claims the company attempted to conceal the fund’s sources.
The company was notified of the investigation under the Prevention of Money Laundering and Financing of Terrorism Act and ordered to appoint a representative by March 15, 2021, but no one has been questioned as of yet.
The Asset Recovery Commission had previously summoned RedWave, a Maldives retail giant, for an investigation into the MMPRC scandal.
Last week, the Parliament’s joint committee released a list of people and businesses being investigated in connection with the MMPRC corruption. However, the Asset Recovery Commission had emphasised that being on the list does not automatically imply guilt while the investigation is still underway.