Champa Brothers investigated for alleged laundering USD 3.5 million

Malé, Maldives – Local news “Mihaaru” reports that the Asset Recovery Commission is investigating Champa Brothers for money laundering charges regarding USD 3.5 million (MVR 54 million) related to the MMPRC corruption.

Champa Brothers were issued the amount from SOF, a company that distributed money from the MMPRC corruption to a large number of public and private companies in the Maldives. Companies are denying any affiliation with the MMPRC corruption, instead stating that they bought US dollar.

Local news reports that Champa Brothers are have been summoned to submit documents from 2014 to 2015. Asset Recovery Commission alleges that the company manipulated the origin of the money.

The company has been informed of the investigation under Prevention of Money Laundering and Financing of Terrorism Act and told to assign a representative before March 2021. No one has yet been questioned.

Few companies have been ordered by the Asset Recovery Commission to submit documents and been investigated, including Redwave Pvt Ltd.

The joint committee of Maldives Parliament released a list of individuals and organizations being investigated in relation to the MMPRC corruption. The Asset Recovery Commission, however, notes that being on the list itself does not make the parties guilty as they are still being investigated.