The Criminal Court on Saturday ruled that all charges against former shareholder Hassan Mamdhooh, relating to the fraudulent sale of flats at K-Park Residences, have been proven.

The State had filed a total of 94 charges against Mamdhooh in connection with the case.

Mamdhooh and others forged the signature of Jin Shihu, the majority shareholder of Hanbo Company Private Limited, to open a bank account in the company’s name at the Bank of Maldives (BML). Using the account, they fraudulently sold apartments of a building under construction by the company in Hulhumalé, marketed as K-Park Residences.

The court found that some apartments were sold to more than one buyer, with forged and deceptive documentation used in the transactions. As a result, Mamdhooh was charged with 46 counts of scamming, 44 counts of fraud, three counts of providing counterfeit documents to individuals for the purpose of deception and one count of money laundering.

The Criminal Court ruled that all 94 charges brought by the State had been proven.

As part of the ruling, the court ordered the confiscation of apartment number 13-02, with an area of 2,597.58 square feet, along with the corresponding basement parking slot at FW Residences, a development by FW Construction Private Limited in Hulhumalé.

The sentencing hearing has been scheduled for 30 December 2025. Mamdhooh has been remanded in custody pending sentencing.