MVR 10.5M in MMPRC-Linked Funds Invested in Real Estate by Senior Police Officers: Nazim

Two senior police officers have invested MVR 10.5 million—linked to the MMPRC corruption scandal—into real estate, according to Deputy Speaker of Parliament and Dhiggaru MP Ahmed Nazim.

Nazim, who also chairs the subcommittee of the Parliament’s Public Accounts Committee, made the revelation during a subcommittee session held today. He said the case was raised by whistleblowers and the subcommittee has obtained documentary evidence. However, he did not disclose further details, including the identities of the officers or the specific properties involved.

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Nazim clarified that the case is not directly tied to the POLCO housing scandal but involves separate instances of individual corruption uncovered during the broader investigation.

He said the subcommittee has completed a draft report on the POLCO case and is working to finalise it. He added that more documents are still being collected to complete the findings. One key issue highlighted in the draft is the significant advance payments made to contractors—amounts that far exceeded the actual work completed at the time.

According to Nazim, some contractors used these advance payments to fund other business ventures, including major real estate investments. “Island Expert used part of the funds to purchase plots in Hulhumalé and to launch a 17-storey building,” he said.

The POLCO housing project, which aimed to build 361 flats, was initially awarded to Noomadi for MVR 580.2 million. After delays, the contract was terminated and handed over to Island Expert, and later to Amin Construction under the previous MDP administration.

An audit report that triggered the investigation noted that Island Expert was given favourable treatment and received advance payments amounting to MVR 129.5 million and USD 2.7 million—well above the value of the completed work.

Nazim also shared details from the subcommittee’s site visits, noting that only one emergency generator had been installed for an entire tower and that the fire alarm system is still non-functional. “The committee will send its recommendations to the relevant authorities based on these findings,” he said.

The total expenditure on the POLCO flats project reached MVR 1 billion, with an estimated loss of MVR 355 million due to mismanagement and corruption. The flats, though completed, remain under a cloud of controversy.

Nazim further stated that the subcommittee is currently investigating other assets linked to those involved in the case, including vehicles and a house in L. Fonadhoo.