Maldives Police Service arrested two foreign nationals yesterday for operating an illegal, high-rate foreign currency exchange ring following a tip-off received via the national black-market hotline.
The suspects were taken into custody during a targeted operation by the Maldives Police Service.
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The arrests stem from information submitted through a dedicated hotline established to report unlicensed foreign currency trading.
Police confirmed that an investigation is currently underway, and legal measures against the two suspects will be determined based on further findings.
Authorities reminded the public that operating currency exchange services without a license from the Maldives Monetary Authority (MMA) is strictly prohibited.
The inter-agency task force urges anyone with information on illegal currency operations to send messages, Viber, or WhatsApp alerts to its operational number at 9388733, expressing gratitude to the public for their continued cooperation.
Earlier this month, officers from the Economic Crime Investigation’s Complex Financial Investigation Department raided multiple sites in Malé, searching four foreign nationals, a Maldivian, a local retail store, and a residential property linked to unauthorised currency trading.
The arrests are part of an ongoing joint task force crackdown targeting unlicensed banking and shadow financial services across the capital.
