Two Bangladeshis arrested after hotline tip on illegal dollar trading

Two foreigners have been arrested for selling dollars at high prices, following a tip-off made to the hotline established to report unauthorized foreign exchange dealers.

Police said two Bangladeshi nationals, MD Masood Ahmed and Abu Tahir, were arrested on suspicion of conducting illegal and overpriced foreign exchange transactions. Masood was arrested on Friday, while Tahir was arrested on Monday. The investigation is ongoing, and police said action will be taken based on further findings.

Home Minister Ali Ihusaan said on Monday that foreigners have been opening shops under the names of Maldivians and operating them as illegal dollar-exchange points. He said information received through the hotline has led to an investigation into 12 foreigners involved in large-scale illegal dollar trading. Nine of them are currently in detention, he said.

The government has announced strict measures to curb black-market dollar trading. Advertising or promoting foreign currency at rates above those set by the Maldives Monetary Authority (MMA) is prohibited. It is also an offence to disclose, publish or disseminate black-market rates through digital means or otherwise.