Police Investigation into Unlicensed Foreign Currency Exchange Draws 65 Public Tips

The Maldives Police Service task force investigating unlicensed foreign currency exchange has received 65 reports from the public following a nationwide call for information targeting black-market dollar operations across the country.

The task force was established jointly with Maldives Immigration to curb the unauthorized buying and selling of foreign exchange outside the regulatory framework set by the Maldives Monetary Authority (MMA).

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According to official police statements, the initial batch of public tips contains actionable details implicating 27 foreign nationals, 18 physical locations, four businesses allegedly selling foreign currency above permitted rates, and 16 online platforms operating digital spaces to facilitate black-market transactions.

Police confirmed that one foreign national identified through the public reports has already been turned over to Maldives Immigration custody. Verification procedures and investigations are currently underway for the remaining individuals, physical addresses, and digital outlets named in the tips, with authorities coordinating closely with relevant regulatory bodies to initiate formal prosecution.

To streamline public reporting, police established a dedicated task force hotline at 9388733, allowing citizens to submit information confidentially via SMS or messaging applications including Viber, WhatsApp, and Telegram while promising to keep all informant details strictly confidential.

This enforcement drive comes amid a broader government strategy aimed at dismantling parallel exchange markets and relieving the country’s ongoing foreign currency shortage.

In a major preliminary operation preceding the public call for tips, police and immigration officers detained six expatriates who were operating commercial currency exchanges beyond the scope of their work permits. Financial intelligence unit analysis revealed that bank accounts linked to those six individuals had processed over 54.4 million Rufiyaa and 1.62 million US Dollars in unauthorized transactions over a three-year period.

The crackdown has since extended to corporate entities and local bank accounts as well. Law enforcement recently froze accounts and searched the offices of Naid Investment Private Limited—operator of Furaveri Maldives and Page Hardware—over allegations of unlicensed foreign currency trading.

Additionally, police issued strict warnings to local citizens and sole proprietorships following discoveries that foreign nationals were obtaining and managing Maldivian-owned bank accounts to move illicit currency, cautioning that account holders who allow third parties to route illegal foreign exchange risk being prosecuted as accomplices.

The task force operations follow legislative amendments that took effect on September 1, which introduced severe penalties including fines of up to 1 million Rufiyaa for trading currency without a license or exceeding authorized exchange rates.