Prosecutor General’s Office (PG Office) states they will not be appealing the release of Hassan Mamdhooh (Manday) – the minority shareholder of Hanbo who was arrested over the alleged fraudulent sale of apartments from the K-Park Residences, a condominium under development in Hulhumale’ by the company.
Spokesperson of the PG Office and public prosecutor Ahmed Shafeeu told Sun today that Manday was released yesterday subject to certain conditions.
He detailed that Manday’s passport is held by Maldives Immigration, whereas he is required as per the conditions of release to seek a written document permitting him to travel overseas if he desires to do so.
Manday was arrested under a court order from Hulhumale’ Magistrate Court on July 5th. He was first remanded in custody for 15 days, and later extended by an additional 10 days at the expiration of the initial 15 days on July 20th.
He was arrested after Criminal Court released his passport which was being held over the K-Park scam, following a petition by him asking for 45 days to travel overseas to visit his wife, who recently gave birth.
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.
Another local and a foreigner have travel bans against them over the scam.
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. He has assured he will cooperate with the authorities and the purchases of K-Park apartments in connection to the case. He has also denied allegations of a tussle between the shareholders of K-Park projects’ local agent.