Hassan Mamdooh (commonly known as Mandey), accused of extorting funds under the guise of selling flats in the K-Park Residence project, has been released on conditional bail after previously being held in judicial custody.

Mandey, a minority shareholder of Hanbo Company Pvt. Ltd., faces over 100 charges filed by the Prosecutor General’s Office in December 2023. These include 50 counts of tax offences, 50 counts of cheating, three counts of submitting unauthorised documents, and one count of money laundering. The charges stem from fraudulent sales of apartments in the K-Park Residence development in Hulhumalé, some of which were sold to multiple buyers.

The Criminal Court ordered his remand after Mandey failed to attend a court hearing on 23 June 2025. Despite submitting medical documents on the day, the court rejected them due to lack of evidence preventing his appearance. Witnesses reported seeing Mandey in public spaces the same day.

At a later hearing, Mandey pleaded for leniency, citing family responsibilities. His lawyer noted he is the father of three. On 1 July 2025, Judge Ali Nadeem released him on the condition that he cooperate fully with court proceedings. Non-compliance will result in re-arrest.

Prosecutors allege that Mandey misused funds paid for K-Park apartments, some of which were allegedly diverted to purchase another flat in FW Residences, Hulhumalé. He also faces accusations of forging documents without the consent of the company’s majority shareholder.

If convicted, Mandey could face up to 40 years in prison. The court had previously ordered the confiscation of his assets in November 2024.