Two more peoples passports have been seized in connection with the fraudulent sale of K Park apartments in Hulhumalé.
The passport of Hassan Mamdooh (Mande), who holds a minority stake of five percent in Hanbo Company Pvt Ltd, was first seized while the shareholders of Hanbo Company Pvt Ltd, the Maldivian agent of K Park Apartments, accused each other of criminal offenses. The remaining 95 percent shareholder and managing director is Chinese businessman Jin Shihu.
Jin Shihu was the first to file a complaint with the police to investigate serious criminal allegations among shareholders. Urbanco, which manages Hulhumalé, has also filed a complaint with the police.
The passports of two others have been seized for the investigation. No further information was shared.
It is confirmed that the passport of Jaishan Saeed, a business partner of Mamdooh, who is accused of involvement in the sale of the flats, has been seized. Jaishan is a shareholder in Kodi Investments, one of the Maldivian companies working on the project. He is also one of the signatories of the fraudulent apartment sales documents.
The other individual who’s passport was seized is Soon Soo Kim, a South Korean citizen who previously held a stake in Hanbo and is said to be a broker for a South Korean company called Hanbo Tech.
In a statement issued on behalf of the main shareholder of Hanbo Company on the 3rd of this month, it said that Mamdooh had fraudulently sold flats to many people and extorted money from them. When the flats were sold, Jin Shihu’s signature was forged and the agreements for the flats were signed by Mande and Jaishan Saeed, the statement said.
Mamdooh allegedly tried to take money by selling flats to various people, asking them to pay cash and calling customers to borrow money for personal purposes.
Its also alleged that while K Parks bank account was opened with the State Bank of India, without the company’s MD’s knowledge, Mamdooh opened a rufiyya and dollar account with the Bank of Maldives and had money from customers rolled from those accounts.
K Park Residence is a 14-storey building with 110 apartments on the west side of Central Park in Hulhumalé. These include two-bedroom and three-bedroom apartments. The K Park Residence Building is 21,000 square feet. The building will have 11 floors of residential apartments. The basement of the building will be reserved for parking while the first two floors will be reserved for commercial use.