Police have reportedly recovered a million MVR in cash from the residence of Ibrahim Fazul Rasheed, the former Managing Director of the Housing Development Corporation (HDC). This discovery was made during a court-ordered search conducted on the night of December 23 as part of an ongoing investigation into the allotment of plots in Hulhumale’ under the ‘Binveriya scheme.

According to sources who spoke to One, the amount seized from Fazal's home could exceed MVR 1.6 million. However, the exact amount remains unverified, as police officials have not disclosed further details.

In a related statement, Relax Ferry Service revealed that the cash found at Fazul’s residence was linked to a transaction involving the construction of a launch. The company stated on social media that in 2022, they had handed over a launch to Fazul’s company. They also noted discussions earlier in 2024 about constructing another launch, for which MVR 1.4 million was paid in early December.

Fazul shared Relax Ferry Service’s statement on his Facebook page but did not provide additional information. While police reportedly seized electronic devices and other items from his residence, no updates have been provided on the investigation’s progress.

The case is part of a joint investigation by the Maldives Police Service and the Anti-Corruption Commission (ACC) into the alleged misuse of the ‘Binveriya’ scheme to allocate plots in Hulhumale’ improperly. Fazal resigned from his position on December 21, and his passport has been withheld since then to prevent him from leaving the country.

Authorities have yet to confirm how much money was recovered or provide details on the next steps in the investigation.