Maldivian bank rejects USD 10 mn deposit from Guyanese investor

An Asian bank in Maldives has refused to accept a USD 10 million deposit made by a Guyanese investor over concerns regarding the origin of the money.

The incident was reported by the newspaper Guyana Guardian, which alleges that the Guyanese man was involved in the tourism and hospitality industry of Maldives, and had close ties with Maldivian President Abdulla Yameen Abdul Gayoom.

Guyana Guardian reported that the individual was “a once politically-connected Guyanese”.

According to the newspaper, the USD 10 million transfer was coming in from a bank based in New Delhi in India, and that the Guyanese investor had been struggling to deposit the money for over two months, but was repeatedly refused by the bank which under intense scrutiny by financial oversight bodies.

The newspaper alleged that the bank had previously condoned millions in transfers by the Guyanese investor and multiple others.

State Bank of India, Bank of Ceylon and Habib Bank are all Asian banks which operate in Maldives.

The newspaper made reference to the Al-Jazeera investigative documentary of alleged money laundering facilitated by President Yameen and his former Vice President Ahmed Adeeb Abdul Gafoor – through the country’s central bank – Maldives Monetary Authority (MMA).

The Guyanese investor whose deposit was rejected is allegedly indirectly linked to the same money laundering plot.