The Maldives Police Service has launched an investigation into an alleged pricing fraud at SJ Trade Pvt Ltd, following an internal audit that found a senior sales official manipulated product prices without authorization, causing losses exceeding MVR 275,000.
According to an internal audit investigation report dated 23 October 2025, SJ Trade uncovered unauthorized price changes made by its Wholesale Manager, Tso Hashan Prageeth, a Sri Lankan national, during the period from July to October 2025 . The findings were subsequently referred to law enforcement, prompting a formal police inquiry now being handled by the Maldives Police Service.
The investigation was triggered after the company’s costing unit detected repeated loss making transactions in SJ Trade’s Odoo ERP system. A detailed review found that multiple products were sold below approved wholesale rates and, in several cases, below cost price, without management approval, supporting documentation, or approved promotional justification.
Internal auditors identified at least 15 affected sales orders. The total loss calculated at retail price amounted to MVR 275,406, while losses assessed at wholesale rates stood at MVR 253,240. Most of the transactions involved bulk sales of sunflower oil products sold at prices significantly under approved thresholds.
The audit report concludes that the price alterations were carried out using the employee’s system access privileges and constituted clear violations of company pricing policy and sales authorization procedures. Investigators stated that intent to defraud was conclusively established, characterizing the conduct as serious misconduct and gross negligence.
During an internal interview on 21 October 2025, the employee admitted to altering prices and submitted a written statement accepting full responsibility. Auditors noted that no evidence of prior approval or emergency authorization was produced to justify the deviations.
SJ Trade has since implemented corrective measures and referred the matter to the Maldives Police Service for criminal investigation. The case underscores growing concerns over internal financial controls within wholesale and distribution firms operating in the Maldives, particularly as reliance on digital sales systems continues to expand.
