Sources and documents indicate alleged collusion between executives of the state-owned Fenaka Corporation and gang leaders to finance the ruling People’s National Congress (PNC) campaign in last year’s parliamentary elections.
The Anti-Corruption Commission (ACC) began probing the case in December 2024 after its intelligence unit flagged suspicious use of Fenaka funds, according to sources. Police also investigated the alleged wrongdoing, but sources say both institutions have since backed down from pursuing the case further following government pressure. Neither authority has released any details.
The inquiry centred on claims that Fenaka money was channelled through gangs to support the PNC, which went on to secure a super majority in parliament. The total amount allegedly diverted remains unclear.
The central bank’s Financial Intelligence Unit (FIU) also reported that Fenaka funds were withdrawn for campaign use. Documents show that between January and 24 July 2024, several million Rufiyaa were deposited into a bank account linked to then-Fenaka Managing Director Muaz Mohamed Rasheed. The deposits were made in cash at banks and ATMs by his associates, according to the records.
The FIU referred the case to investigative agencies, but sources say both the ACC and police have since backed down.
Neither Muaz nor the PNC has commented on the allegations.