Ibrahim Fazul Rasheed, the Managing Director of the Housing Development Corporation (HDC), has resigned citing the Government needs an independent investigation into allegations surrounding the Binveriya Scheme.

Fazul maintained that the allegations were unrelated to HDC's operations and emphasised that his leadership adhered to company protocols and board directives. He stated that all decisions during his tenure were made in the best interest of the organisation.

The Binveriya Scheme controversy has stalled progress on several key initiatives by HDC and the Government. Fazul’s resignation, submitted on 21 December 2024, follows his suspension from HDC board following accusations of corruption in the housing scheme.