No individual questioned over BML’s alleged ‘financial coup’

Maldives Police Service states they have not questioned any individual over the accusations against the opposition of attempting a ‘financial coup’ with Bank of Maldives (BML)’s decision to suspend foreign transactions on MVR cards, citing a severe US dollar crunch.

Speaking at a press conference on Wednesday, Head of Major Crimes Investigation, Chief Superintendent of Police Hassan Shifau revealed that the Police has not questioned or taken statements from any individual with respect to the case.

“At the moment, we are gathering information and identifying whether it meets the criteria to proceed with a criminal investigation,” he added.

Shifau did not disclose any further details.

On August 25^th, BML drew public backlash and the government’s ire after it suspended foreign transactions on MVR cards, citing a severe US dollar crunch. It suspended foreign transactions for existing debit cards, as well as new debit and credit cards linked to MVR accounts. It also lowered the monthly limit for standard and gold credit cards to USD 100.

 But the bank reversed the decision within hours, a move it said was based on instructions from the central bank, Maldives Monetary Authority (MMA).

Government officials, including President Dr. Mohamed Muizzu, have accused the opposition of being behind the card limit changes, terming it as an attempt to stage a “financial coup.”

In this regard, the government, during a press conference following BML’s announcement, said the decision was made contradictory to President Muizzu’s instructions.

The police opened a criminal investigation on August 26, a day after the BML made the controversial move, citing there’s room to believe the opposition had attempted to topple President Muizzu’s administration by stoking up fears of a financial crisis and inciting people to take to the streets.

The police said it found the timing the bank’s announcement suspicious.

“This decision by a government-controlled bank, which went against the government’s counsel and that left many Maldivian citizens stunned, coincided with a press conference by a political entity regarding the state of the country’s finances,” said the police, referring to a press briefing by the main opposition Maldivian Democratic Party (MDP) which took place around the same time.

It added that hundreds of ‘bot’ accounts on social media were used to attempt to incite people into taking to the streets to cause civil unrest and topple the government.

“There is room to believe it was an illegal attempt to overthrow the legitimate government,” said the police.

However, the MDP has rejected the allegations as “absurd”, and demanded that the Commissioner of Police Ali Shujau resign from his post in order to restore the credibility of the police.

BML’s CEO Karl Stumke resigned from his post during the aftermath. Deputy CEO Aishath Noordeen who have been working at the bank for 42 years also resigned from the bank’s board of directors but retained her post as Deputy CEO.