Police have launched a formal investigation into a leaked report—allegedly compiled by the Financial Intelligence Unit (FIU) of the Maldives Monetary Authority (MMA)—detailing potentially improper financial transactions involving companies linked to Baarah MP Ibrahim Shujau (Redwave Shuja) and his close relatives.
The report, which has been circulating widely on social media, alleges that several government payments—totalling MVR 42.5 million—were funneled to five companies connected to Shujau and two family members between November 2023 and January 2024. The companies named include Official Events (partially owned by Shujau), Swan Family, Store Pros Trading, Quick Share, and DQ Holdings.
While the MMA has refused to confirm the authenticity of the document, police confirmed they are investigating the report’s contents. However, no further details have been disclosed.
According to the leaked document, the Ministry of Finance disbursed MVR 23 million to the state-run military company SIWEC on November 13, 2023, as part of the expenses for President Dr. Mohamed Muizzu’s inauguration. From this amount, MVR 13 million was allegedly transferred to Official Events. Of that sum, MVR 4.2 million reportedly went to DQ Holdings and MVR 2.3 million to Quick Share—both named in the report.
The document further claims that MVR 8 million from SIWEC’s payment to Official Events was used as a “commitment fee” toward the purchase of two luxury apartments, each valued at MVR 20 million, for Official Events’ shareholders.
The report also names Deputy Fisheries Minister Mohamed Nafiz and PSM board member Ahmed Adam—both reportedly related to Shujau—as shareholders or associates in the implicated firms.
In response to the allegations, MP Shujau has denied any wrongdoing, asserting that his company operates within legal bounds. “Like any other Maldivian, I have the right to engage in business and grow professionally,” he said.
As controversy around the report intensifies, the head of the FIU, Abdullah Ashraf, was suddenly transferred from his position. He has been replaced by Ismail Sajid. The MMA has claimed the reshuffle is part of broader efforts to enhance institutional governance.
The case has reignited debate over conflicts of interest, transparency in public procurement, and the need for stricter oversight on state-funded contracts involving elected officials.
