K-Park scam: Manday slapped with 15-day remand

Hassan Mamdhooh (Manday) who is involved in the fraudulent sale of apartments from the K-Park Residences, a condominium under development in Hulhumale’ by Hanbo, who was arrested on Wednesday has been remanded in custody for 15 days.

Manday was arrested on Wednesday under a court order issued by the Hulhumale’ Court, which remanded him custody for 15 days on Thursday.

His arrest came after the Criminal Court on Tuesday ordered Police to release his passport.

Sun, through reliable sources, learned his passport was released following a request put forth by him to visit his wife who had recently given birth for a period of 45 days.

Hanbo, which launched the K-Park project in 2016, is co-owned by Jin Shihu, a Chinese national, and Manday. Shihu owns 95 percent of the shares while Manday owns the remaining five percent.

The fraudulent sale of the apartments developed under the project was submitted for police investigation by both Hanbo and Urbanco.

In a statement, Hanbo said they found that unbeknownst to the company, Manday and a second person, Jaishan Saeed, had sold multiple apartments at the condominium using fraud and deceit.

Hanbo said that while the company’s official bank account is with the State Bank of India, large sums of money were deposited to a USD and MVR account opened with the Bank of Maldives, by forging the signature of the company’s managing director, Shihu.

According to Hanbo, the money was later taken out by Manday.

Manday denies the allegations against him.

Manday and two more people, identified by the police as a local and a foreigner, have been banned from traveling overseas as the police investigate the case.

Meanwhile, an Urbanco employee accused of involvement in the scam has been suspended.