Six Bangladeshi nationals have been arrested at Velana International Airport (VIA) after authorities intercepted them with foreign currency worth an estimated MVR 3.86 million as part of an investigation into illegal currency trading.
The suspects were stopped on September 18 while preparing to leave the Maldives for Bangladesh, according to authorities.
The operation was carried out jointly by relevant enforcement agencies following intelligence gathered by a special task force established to investigate unauthorised foreign currency transactions.
Authorities seized currencies from 18 countries during the operation.
Among the money recovered was USD 174,161, EUR 56,760 and GBP 1,815. Together with the other currencies seized, authorities estimated the total value at MVR 3,861,415.29.
The money has been taken into custody as part of the investigation, while all six individuals remain in police custody.
Authorities have not yet disclosed how the suspects obtained the currencies or whether investigators believe the money was generated entirely through unauthorised foreign exchange transactions.
The arrests come amid an intensified crackdown on the parallel foreign currency market, with authorities stepping up investigations into individuals and businesses suspected of buying and selling dollars and other currencies outside licensed channels.
Police established a dedicated task force earlier this month to investigate such transactions and opened an operations hotline for members of the public to report suspected illegal currency dealers. Information can be submitted through SMS, WhatsApp, Viber and Telegram, with police saying the identities of informants will be protected.
The latest operation is not the first involving foreign nationals suspected of participating in the unauthorised currency market.
At the end of August, authorities detained six foreign nationals in another investigation into illegal foreign currency trading. Investigators said bank accounts linked to those suspects had recorded transactions amounting to more than MVR 54 million and USD 1.6 million over a three-year period.
Police also raised concerns during that investigation about foreign nationals gaining access to bank accounts registered under the names of Maldivians and locally registered businesses to facilitate transactions.
Earlier this month, Homeland Security Minister Ali Ihusaan said authorities were investigating 12 foreign nationals following information received through the newly established reporting mechanism. Nine were in immigration detention at the time.
Two Bangladeshi nationals were subsequently arrested in separate operations following information submitted through the hotline. They were suspected of buying and selling foreign currency without authorisation and at rates exceeding those permitted under the country’s foreign exchange framework.
The enforcement drive follows the introduction of tighter rules governing the country’s foreign exchange market.
President Dr Mohamed Muizzu ratified the first amendment to the Foreign Currency Act on August 31, with the changes taking effect on September 1.
Under the amended law, foreign currency can only be bought and sold at rates, or within rate bands, determined by the Maldives Monetary Authority (MMA), while operating a foreign currency exchange business requires an MMA licence.
Selling, attempting to sell or advertising foreign currency above the MMA-authorised rate or band is now a criminal offence. Individuals can face penalties ranging from MVR 25,000 to MVR 1 million, while penalties for legal entities range from MVR 100,000 to MVR 5 million.
The government has said the measures are intended to shift foreign currency transactions towards the formal banking system and curb the longstanding parallel market for US dollars.
The six individuals detained at VIA remain under investigation, with authorities expected to take further action depending on the findings.
