An investigation has been launched into the misappropriation of MVR 200 million from the Housing Development Corporation (HDC) during the previous administration.

In a statement issued today, HDC said the case has been submitted to investigative authorities for a thorough inquiry. The funds are believed to have been embezzled between 2019 and 2023 through various irregular transactions, including theft of assets, misuse of the corporation’s resources for personal purposes, and leasing of land to the detriment of the corporation.

The corporation further noted that some land sales were carried out outside established procedures. HDC assured that it will fully cooperate with the investigation and support legal action to recover the losses.

Officials of the current administration have repeatedly pointed to widespread corruption within state-owned enterprises during the previous government. The Auditor General’s Office has also highlighted cases of misconduct, including within Fenaka Corporation.

Earlier this week, the Criminal Court sentenced former Fenaka Managing Director Ahmed Saeed to four years in prison after finding him guilty of corruption.