Maldives Police have arrested two foreign nationals suspected of illegally trading foreign currency at inflated rates without authorisation.
The arrests followed information received through a hotline established to report illegal foreign currency transactions in the Maldives. The suspects were identified as Indian national Pradeep Cholakottil Sankaranarayanan and Bangladeshi national Muhammad Rasel Mia. Both were arrested on October 20, 2026.
Police said the investigation is ongoing, with further action against the suspects to be determined based on additional information and evidence gathered during the inquiry.
The hotline was established to collect information about individuals conducting foreign currency exchange activities without a licence issued by the Maldives Monetary Authority (MMA).
Members of the public who wish to report suspected illegal currency exchange activities can contact the task force on 9388733. Information can be shared via SMS, Viber or WhatsApp.
Police also expressed appreciation for the public’s cooperation and support in reporting such activities.
