The dream of owning a luxurious apartment at K Park Residence Flats in the Maldives has turned into a nightmare for several buyers as a theft scandal rocks the project. Hassan Mamdhooh (locally known as Monday), the minority shareholder of Hanbo Company Pvt Ltd, the Maldives agent of Korean Hanbo Tech company, has been accused of selling flats to several people without the knowledge of the company’s main shareholder and Managing Director, Shihu Jin. The flats were sold at low prices, and Mamdhooh signed the purchase and sale agreement using a resolution of the company that allegedly forged Shihu Jin’s signature.
Mamdhooh and his close associate, Jaishan Saeed, reportedly dealt directly with the money, and some of the agreements were signed by Saeed, while Mamdhooh signed others pretending to be the company’s MD. The flats were allegedly sold to several people, with Mamdhooh collecting cash payments and taking cars and other items from many people in exchange for the price of the apartment. Customers have alleged that Mamdhooh called them for personal purposes and tried to raise money for debt.
The scandal came to light after several customers found out that the same apartment was sold to multiple people, and Mamdhooh had allegedly opened a rufiyaa and dollar account with the Bank of Maldives, forging the signature of the company’s MD. When the matter was brought to the attention of the bank, the money in the account was withdrawn. The company’s MD tried to contact Mamdhooh, but he did not cooperate. The matter has now been brought to the attention of the police for criminal investigation.
The K Park Residence Flats project, which started seven years ago, remains unfinished. The building has 100 apartments and an apartment was sold for MVR 3-6 million. The dispute is between the shareholders of the local company in K Park, and it will not affect the project, according to the Korean company that originally awarded the project. Hanbo Tech Korea, the original contractor for the K Park flats in Hulhumale, appointed Hanbo Company Pvt Ltd as the agent in the Maldives to assist people in buying and marketing the flats. However, due to various reasons, the agreement with the company has been terminated as of Monday, Hanbo Tech Korea said in a statement. The company’s board of directors said the decision would not affect the project.
The scandal has left several buyers of the K Park Residence Flats project feeling betrayed and cheated. It serves as a cautionary tale for anyone considering investing in real estate projects without proper due diligence and verification of ownership and authorization. As the investigation unfolds, it remains to be seen what actions will be taken against those responsible for the theft and how the affected buyers will be compensated.
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