Police have searched the residence of Moosa Ali Manik, the former Managing Director of the Road Development Corporation (RDC), in connection with an investigation into an alleged fraud scandal during the tenure of former President Ibrahim Mohamed Solih.

The raid, conducted under a court order, comes amidst allegations that the RDC engaged in multiple financial scams, leaving the company in a state of disrepair at the end of Solih’s tenure. In addition to the former MD’s residence, police searched two premises linked to RDC’s former Chief Financial Officer (CFO), Yasir Hassan, seizing electronic devices believed to be connected to the case.

The investigation was initiated late last year after the Financial Intelligence Unit (FIU) of the Maldives Monetary Authority (MMA) lodged a complaint with the police. The FIU alleged that significant sums of money, including MVR 13 million, had been deposited into Yasir Hassan’s personal accounts during his tenure as CFO. On November 15, 2023, just days before the conclusion of Solih’s presidency, police raided the RDC office, seizing a substantial number of documents.

According to a joint investigation by the police and the Anti-Corruption Commission (ACC), MVR 14 million from RDC’s funds was unlawfully circulated through personal accounts.

The probe uncovered 216 questionable transactions, including MVR 11 million deposited into one account and MVR 1 million each into two others. The findings suggest a failure to transfer funds to the Maldives Inland Revenue Authority (MIRA), with money instead moved between personal accounts.

RDC’s current Managing Director, Ali Zuhair, revealed to a parliamentary committee in August that the company had inherited debts of MVR 837 million, attributing this to wasteful expenditures under the previous administration. Zuhair also reported irregularities involving MVR 161 million transferred through internet banking without supporting documentation and MVR 90 million deposited into the then-CFO’s account under suspicious circumstances.

This is not the only corruption case linked to the former administration. Yesterday, Ahmed Saeed, the former Managing Director of Fenaka Corporation, and Maryam Dheena Solih, head of procurement, were charged with fraud, further highlighting the extent of alleged misconduct during Solih’s presidency.

Investigations into the RDC scam are ongoing, with authorities suggesting the involvement of multiple government employees. Police have confirmed the roles of three individuals in the misappropriation of funds, signalling more developments in this high-profile corruption case.