The Criminal Court has sentenced Jaishan Saeed to 159 years in prison in connection with the fraudulent sale of apartments from the “K-Park Residence” project in Hulhumalé, involving embezzlement and money laundering.
The case involves a series of criminal activities carried out by Jaishan Saeed in collaboration with Hassan Mamdooh (M. Aralsy) and others. They were found to have forged the signature of Jin Shihu, the majority shareholder of Hanbo Company Private Limited, to create fraudulent documents. These documents were subsequently used to open unauthorized bank accounts at the Bank of Maldives in the company’s name.
According to the state’s charges, the defendants deceived numerous individuals by fraudulently selling apartments at the K-Park Residence. In several instances, the same apartment was sold to multiple parties. The proceeds from these sales were misappropriated and subsequently laundered.
The charges proven against Jaishan Saeed include:
- Participation in Theft/Fraud:Â 45 counts
- Committing Acts of Deception:Â 40 counts
- Knowingly Providing Fraudulent Documents to Deceive:Â 3 counts
- Aiding and Abetting Money Laundering:Â 1 count
While the court reached a verdict of guilt during last Thursday’s hearing, the final sentencing was delivered in today’s session.
In light of the proven money laundering conviction, the court has also ordered the seizure of Apartment No. 02-13 (Area: 2597.58 sq. ft.) and its associated basement parking slot (02-13) at FW Residence, Hulhumalé, developed by FW Construction Private Limited, to be forfeited to the state.
