Police return MVR 1.4mn seized from ex-HDC MD Fazul’s home

The police have returned MVR 1.4 million in cash bundles found in a raid on the home of Ibrahim Fazul Rasheed, the former managing director of Housing Development Corporation (HDC), in the investigation into allegations of corruption in the award of housing from Hulhumale’.

The authorities launched the investigation last year after documents leaked on social media on December 18 appeared to show that multiple people were given land from Hulhumale’ under the ‘Binveriya’ scheme despite not being on the list of recipients released in 2023 during the Maldivian Democratic Party (MDP) administration.

This includes Fazul’s older brother Mohamed Fazeel Rasheed, the deputy managing director of Male’ Water and Sewerage Company (MWSC).

The police raided Fazul’s private residence in Male’ City on December 23. Back then, the police said they seized evidence from the residence, including several electronic devices.

But on January 5, news outlets began reporting that the police also seized a bag with MVR 1.4 million in cash.

In a brief statement on Tuesday, a police spokesperson said the police had “returned the money confiscated during the search of the apartment of the suspect in the land case after conducting necessary inquiries.”

After news of the seizure of the MVR 1.4 million broke, Relax Ferry Service, a speedboat operator, came forward to claim that the money was a payment they made to Fazul to have a speedboat build.

In a press conference held on the night of December 18 – as angry protestors surrounded the HDC headquarters in Hulhumale’ – Fazul denied the allegations against HDC, insisting that the corporation has no involvement in issuing plots under the ‘Binveriya’ scheme.

He also played off the implication of his brother as a mere “coincidence”, and insisted that the situation does not pose a conflict of interest.

Fazeel, as well as Fazul and the entire board of HDC, except for chairperson Ahmed Nasif, and at least four top officials in the corporation’s management, were placed under suspension the next day.

Fazul tendered his resignation on December 21, after more documents leaked on social media suggesting multiple individuals were  issued apartments from Vinares by the HDC based on forged payment slips to SeaLife Global after it was decided to compensate victims of the SeaLife scam with the apartments.

In his resignation later, Fazul maintained his innocence but said he decided to resign to “make for the investigation” into the case.

He was replaced with former construction minister Mohamed Mauroof Jameel the next day. And on December 24, the Privatization and Corporatization Board (PCB) lifted the suspension on the HDC's board.

The corruption scandal came amid mounting public frustration over the delay in handover of flats and land awarded under the 'Binveriya' and 'Gedhoruveriya' housing schemes.