Two foreigners detained following hotline tip-off on unauthorized foreign currency trading

Two foreigners have been arrested for illegally buying and selling dollars at high prices. 

Police said in a message to the media on Tuesday that the arrests were made following a tip-off to the hotline established to report unauthorized foreign exchange dealers.

According to police, the two suspects were taken into custody on charges of conducting foreign currency transactions without permission. The arrested individuals have been identified as Pradeep Cholakotil Sankaranayan, an Indian national, and Mohamad Russell Mia, a Bangladeshi national.

Police said the case is under further investigation.

Authorities have urged the public to share information about individuals engaged in unauthorized commercial foreign exchange activities, including buying and selling foreign currency without a licence issued by the Maldives Monetary Authority (MMA). Information can be shared with the task force via 9388733, through SMS, Viber or WhatsApp.

Police noted that earlier this week, three Bangladeshi nationals were also arrested on charges of unauthorized and inflated foreign currency trade following a tip-off to the same hotline.