Ibrahim Fazul Rasheed, Managing Director of Housing Development Corporation (HDC), has resigned to pave the way for an independent investigation into allegations surrounding the Binveriya Scheme.

While firmly denying the allegations that have shadowed his tenure, Fazul maintained his leadership adhered strictly to company protocols and board directives, with every decision guided by HDC's best interests.

Addressing the Binveriya Scheme controversy specifically, he stressed that the allegations bore no connection to HDC's operations. He also expressed concern over how these claims have stalled the company's and the Government's initiatives, emphasising his interest in seeing the truth come to light.

Demonstrating commitment to transparency and to facilitate the investigation, while enabling the Government to proceed with its projects, Fazul submitted his resignation on December 21, 2024.