Urbanco has sought the help of Maldives Police Service in launching an investigation of minor investors from Hanbo Company Limited, who allegedly swindled money from several individuals in the sale of apartments at K-Park Residence.
Hanbo Company Limited is developing the K-Park Residence in Hulhumale’.
According to Urbanco, the company had lodged a complaint with them alleging unverified transactions in the sale of apartments.
One of the minority shareholders involved in the residential project is local entrepreneur Hassan Mamdooh, while another is Jaishan Saeed who is a shareholder in Kodhi Investments, a local company that holds a minority stake in the project.
The case came to light sometime this week, revealing the duo had targeted people through a series of scams.
Things became intense last week over allegations that the two men were scamming people.
Meanwhile, Hanbo Company on Tuesday alleged that a large number of apartments in K-Park Residence were sold without the company’s approval, and accused Mamdooh of being involved in the scam.
The company alleged that Mamdooh sold the apartments by forging the signature of Hanbo Company’s Managing Director Jin Shihu. The company further alleged that Jaishan Saeed signed agreements on behalf of the company, citing a motion passed by the company which allegedly gave him the said authority.
Hanbo also claimed that Mamdooh signed some of the agreements by misquoting his status and falsely claiming he was the managing director of the company.
