Housing Development Corporation (HDC) Managing Director Ibrahim Fazul Rasheed has resigned following allegations of fraudulent land allocations under the “Binveriya” housing scheme. His resignation comes amidst mounting public pressure and ongoing investigations into alleged fraudulent activities linked to the scheme.
In a resignation letter addressed to President Mohamed Muizzu and shared on his Facebook page on Saturday, Fazul claimed that all decisions made during his tenure were in line with company policies. He denied any involvement by HDC in the alleged irregularities, urging authorities to reveal the truth to the public.
“The allegations against the company in connection with the Binveriya scheme have nothing to do with the company. I wish the truth of the allegations to be revealed to the people at the earliest opportunity,” Fazul wrote.
The scandal has prompted the suspension of several senior HDC officials and board members. The Privatization and Corporatization Board (PCB) has suspended all board members except Chairman Ahmed Naasif. The decision followed revelations that HDC facilitated the allocation of land worth MVR 450 million to about 50 ineligible individuals, including Fazul’s brother, Mohamed Fazeel Rasheed, Deputy Managing Director of the Maldives Water and Sewerage Company (MWSC).
Authorities have seized the passports of 20 individuals, including Fazul and Fazeel, to prevent them from leaving the country as investigations continue.
The scandal has also led to the suspension of five senior HDC executives, including IT Head Abdulla Shuhood and Chief Financial Officer Abdulla Faaidh. Meanwhile, the Housing Ministry has suspended 10 political appointees.
After the scandal emerged, the opposition Maldivian Democratic Party (MDP) demanded Fazul’s dismissal and called for swift action against all involved.
The allegations have sparked public protests calling for the arrests of those involved, with suspicions of a cover-up heightened by a recent fire that destroyed crucial documents in three government ministries, including the Ministry of Housing. Critics have suggested that the fire could have been a deliberate attempt to destroy evidence related to the scandal.
Presidential spokesperson Helena Waleed has assured the public that eligible applicants under the Binveriya scheme will receive their rightful land allocations. However, neither the government’s assurance nor Fazul’s resignation has done much to quell public outrage over the issue.
The Maldives Police Service and the Anti-Corruption Commission are continuing their investigations, but no formal charges have been filed against any of the accused.