Ibrahim Fazul Rasheed, Managing Director of the Housing Development Corporation (HDC), has stepped down from his position amidst a growing controversy surrounding the allocation of land under the Binveriyaa housing scheme.
In a resignation letter addressed to President Mohamed Muizzu earlier today, Fazul stated that his decision was made to facilitate the ongoing police investigation into the matter. “The allegations against HDC in connection with the landlord scheme have nothing to do with the company. I wish the truth of the allegations to be revealed to the people at the earliest opportunity,” Fazul wrote in his letter.
The resignation follows explosive allegations that land in Hulhumalé was allocated to individuals not listed as eligible beneficiaries under the Binveriyaa scheme. Leaked documents circulating on social media have accused the corporation of irregularities, including awarding land to Fazul’s brother, Mohamed Fazeel Rasheed, through forged agreements.
Last Thursday, the Privatisation and Corporatisation Board (PCB) took action, suspending Fazul along with all HDC board members except for Chairman Ahmed Nasif. This came after police raided HDC’s headquarters in response to the corruption allegations. The PCB has pledged full cooperation with investigators.
The scandal surfaced after two individuals laid claim to the same plot of land in Hulhumalé and sought approval to construct a boundary wall. Subsequent investigations revealed that neither claimant was listed as a beneficiary under the Binveriyaa scheme. Internal documents further suggested that agreements tied to the land allocation were falsified.
Fazul had previously addressed the media, stating that HDC had flagged the irregularities and reached out to the Housing Ministry for verification. However, during the press conference, he avoided responding to several key questions posed by journalists, fueling public skepticism.
The Binveriyaa scheme, introduced during the previous administration, aimed to provide housing solutions but has now become embroiled in allegations of corruption and mismanagement. Public outcry over the incident has dominated social media, with many calling for greater accountability.
As the investigation unfolds, Fazul’s resignation marks a pivotal moment in the case, with many hoping it will lead to a comprehensive examination of the alleged corruption and restore faith in public housing initiatives.
