The Prosecutor General’s Office (PGO) has appealed by decision by the Criminal Court to release the passport of Hassan Mamdhooh (Manday) – the minority shareholder of Hanbo who is under investigation for the fraudulent sale of apartments from the K-Park Residences, a condominium under development in Hulhumale’ by the company.
The PGO filed the appeal with the High Court on Sunday.
Hanbo, which launched the K-Park project in 2016, is co-owned by Jin Shihu, a Chinese national, and Manday. Shihu owns 95 percent of the shares while Manday owns the remaining five percent.
The fraudulent sale of the apartments developed under the project was submitted for police investigation by both Hanbo and Urbanco.
According to police, the case involves the sale of apartments from the K-Park Residences using forged documents, and embezzlement of the money collected in the scam.
Manday, who along with another local and a foreigner had travel bans against them, had his passport released on July 4, following a petition by him asking for 45 days to travel overseas to visit his wife, who recently gave birth.
The police arrested him the next day.
The Hulhumale’ Court, which also issued the arrest warrant, ordered for him to be remanded in custody of the police for 15 days on July 6.
In a statement regarding the case, Hanbo said they found that unbeknownst to the company, Manday and a second person, Jaishan Saeed, had sold multiple apartments at the condominium using fraud and deceit.
Hanbo said that while the company’s official bank account is with the State Bank of India, large sums of money were deposited to a USD and MVR account opened with the Bank of Maldives, by forging the signature of the company’s managing director, Shihu.
According to Hanbo, the money was later taken out by Manday.
Manday denies the allegations against him.
Meanwhile, an Urbanco employee accused of involvement in the scam was suspended in May.