Prosecutor General Hussain Shameem announced today that approximately 225 charges will be brought against Hassan Mamdhooh, popularly known as Mandey, next week. The charges revolve around the alleged theft of payments related to the fraudulent sale of apartments in the K Park Residence project to multiple buyers.
The K Park project, situated in Hulhumale’s phase one, was executed by Hanbo Maldives, a company formed in collaboration with Korea’s Hanbo company. Mandey, the minority shareholder of Hanbo Maldives, is at the center of the case, which surfaced following concerns from apartment buyers regarding significant delays in the completion of the K Park apartments.
During a press briefing, PG Shameem outlined the charges that will be filed against Mandey, which include false documentation, fraud, theft by deception, and money laundering.
Explaining the multitude of charges, Shameem stated that separate charges would be filed for each victim affected by Mandey’s alleged scam. The investigation has revealed that 41 apartments were sold to 107 individuals, and charges will be raised as cases are concluded.
A major highlight of the case involves money laundering charges linked to Mandey’s penthouse. According to PG Shameem, the penthouse, valued at MVR 7.8 million, was purchased using proceeds from the sale of two K Park apartments to four buyers. The authorities seized items worth MVR 7 million from the penthouse, including 200 unopened perfume bottles, handbags valued at MVR 90,000, and jewelry worth USD 10,000 and USD 25,000.
The total cost of the penthouse and the seized assets amounted to MVR 14.8 million, shedding light on the scale of the alleged financial misconduct at the heart of the real estate fraud scandal.