Business Crime Fraud

Frauds in Money Transactions and Dollar Exchanges Increase

Maldives Police Service has stated that there has been an increased number of frauds in numerous money transactions and dollar exchanges.

Due to the COVID-19 pandemic, measures have been taken to minimize cash transactions where the majority of businesses accepted online transactions. Besides, there have been several frauds such as sending old transfer slips claiming that the payment was done while there are instances where money was not transferred after taking dollars to be exchanged.

Majority of the recorded fraud cases indicate that proper details are not available of the person dealing in currency exchange as stated by the Deputy Head Inspector of Police Mr Ahmed Haneef, according to the investigations carried out by the general investigation department.

Hence, the authority has urged the public to check the details of the person involved in the transaction or to meet and know the individual and verify the correct account before doing the transaction on phone. And that it is important to check if the amount has been actually deposited to the account although the transfer slip is sent before delivering the items or transferring money.

Full details are available at the link below:

Source URL: Corporate Maldives

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