Maldives Police Service have apprehended Hassan Mamdooh, the minority shareholder of Hanbo Maldives company, which is responsible for the development of the upscale K-Park Residence luxury flats in Hulhumale.
Mamdooh’s arrest comes as part of an investigation into allegations that he sold flats to customers at significantly reduced prices and extorted substantial sums of money from them. The case has caused public outrage, particularly after Mamdooh’s passport was released by the Criminal Court on Tuesday, leading to increased scrutiny surrounding the investigation.
Following the release of Mamdooh’s passport, the Hulhumale magistrate court granted a police request for an arrest warrant on Tuesday evening. Confirming the arrest, a senior police official stated that Mamdooh was taken into custody on Wednesday in accordance with the warrant issued by the court. The arrest signifies a significant step in the ongoing investigation into fraudulent activities associated with the sale of flats in the K-Park residences.
The case came to light in May when Hanbo Maldives filed a criminal complaint with the police, accusing Mamdooh and another individual of extorting money from numerous individuals through dishonest sales tactics. Hanbo further alleged that the signature of their Managing Director, Jin Shi Hu, who holds a 95% stake in the company, had been forged. The investigation revolves around Mamdooh’s purported use of Hanbo Maldives to sell flats in the K-Park Residence at artificially low prices, misleading customers and profiting illicitly.
Alongside Mamdooh, the passports of two other individuals were seized in connection with the case. One of them is Jaishan Saeed, Mamdooh’s business partner, alleged to be involved in the fraudulent sale of flats. The second individual is a South Korean national believed to be a broker for Hanbo Tech, a South Korean company associated with Mamdooh’s activities. Their involvement further underscores the complexity of the investigation and the potential involvement of multiple parties in the scandal.
