Sheesha brothers file case to retrieve stolen funds from State Bank of India

The Sheesha brothers have have filed a case with the Civil Court to implement the court’s January 16 ruling which had ordered the State Bank of India (SBI) to pay them MVR13.5 million plus interest within one month.

During a press conference held yesterday the brothers and their lawyer Abdul Nasir Ibrahim revealed that SBI had not paid the money to the company according to a Civil Court ruling, and that the court had now accepted the case.

On January 16, the Civil Court had ruled that SBI had to pay the brothers’ motorcycle importing company MVR13.5 million outstanding from the total MVR18 million that had been discovered missing from its account in November 2011 after a series of unauthorised transfers.

Nasir said yesterday that he had met with SBI before filing the lawsuit and that the bank had told him that it would transfer the money only if the Civil Court deemed that the previous court ruling should be implemented.

Nasir told the press yesterday that, although SBI had the right to appeal the Civil Court ruling at the High Court, ruling was now in existence and had to be implemented unless the High Court rules otherwise.

Having met with the Maldives Monetary Authority governor – then Dr Fazeel Najeeb – regarding the issue, Sheesha’s lawyer had been told to find a solution through the courts. Nasir also called on the MMA to take action against SBI for not implementing the Civil Court’s ruling.

Following the discovery of the unauthorised removal of the funds, the company – owned by Ahmed Hassan Manik, Hussain Husham, and Ibrahim Husham – told local media that the money had been transferred to a Bank of Maldives account using a forged document faxed to SBI with Manik’s name and signature.

The brothers said they would sue SBI and requested that the bank take full responsibility for the theft – which had comprised of two transactions totalling MVR18 million.

The Prosecutor General’s Office pressed charges against seven people in connection with the case in May 2013, including a retired Maldives National Defence Force (MNDF) colonel, and two staff members from SBI.

In November 2011, the Criminal Court issued an Interpol red notice to apprehend three persons suspected to be involved in the case.

Local newspapers at the time reported that Colonel Shaukath Ibrahim’s bank account was used to transfer the money and to withdraw it.

Yesterday, Sheesha’s lawyer told the press that the Civil Court had ruled SBI had neglected its responsibilities and that its negligence had caused the loss of the company’s MVR18million.

Of the total MVR18 million stolen, local media has reported that the company was able to recover MVR4.4 million from the Bank of Maldives account that the money had been transferred to.


Police conclude investigation into Rf 18 million Sheesha fraud case

Police have completed the investigation into a case involving Rf18 million (US$1.2 million) that went missing from a State Bank of India (SBI) account of three brothers who own local motorcycle retailer, Sheesha.

The incident occurred in November 2011. The Criminal Court issued an Interpol red notice to apprehend three persons suspected to be involved in the case.

The names sent to the Prosecutor General were Ibrahim Shahid, 42 of Thulhadhoo in Baa Atoll, Mohamed Mustafa, 35 of Lhaimagu in Shaviyani Atoll and Mohamed Muthausim, 32 of the same island and Mohamed Rasheed Abdul Gadhir.

Police said the names of four other persons indirectly related to the case were also sent to the Prosecutor General.

Ibrahim Shahid of Baa Atoll Thulaadhoo, accused of stealing Rf18 million (US$1.1 million) from the State Bank of India (SBI) account was apprehended in Sri Lanka in February this year.

On November 24, 2011 the account owners discovered that several unauthorised transfers had been made from their joint personal savings account to an unidentified recipient, the first transaction being made on November 9.

Following the discovery the Sheesha brothers Ahmed Hassan Manik, Hussain Husham and Ibrahim Husham said the transfer had been made to a Bank of Maldives account with a forged document using Manik’s name. The brothers said they would sue SBI and requested the bank take full responsibility for the theft.

In November Hussain Husham told the media that the total amount of Rf 18 million was  in two transactions, with the first transaction made on November 9 with the withdrawal of Rf 8.5 million (US$551,000).

Later on December 20, the culprits withdrew a further Rf 9.5 million (US$616,000) from their account.

Hussain told the press at the time that SBI transferred the money to an account with the Bank of Maldives, using a forged document faxed to SBI.

He said the document had the name and signature of Ahmed Hassan Manik, and that the money transferred to Bank of Maldives account had already been withdrawn when they came to know about it.


RF18 million vanishes from Sheesha account

Rf18 million has allegedly gone missing from a State Bank of India (SBI) account owned by the three brothers who own local motorcycle retailer Sheesha.

Police have launched an investigation into the fraud case, reports Haveeru.

The transfer, allegedly unauthorised, was made from a personal savings account, Haveeru claims. The recipient account has not been identified.


SBI sues Foreign Minister’s family

The State Bank of India (SBI) has filed a case against the family of Foreign Minister Ahmed Naseem for a loan guarantee provided by his mother for five loans from the bank.

Newspaper Haveeru reported yesterday that the case was filed against Naseem and other heirs of his mother Mariyam Ismail: Naseema Mohamed, Saleema Mohamed, Waseema Mohamed, Asima Mohamed, and Umaima Mohamed.

Other guarantors in the case include Ali Saleem of Henveiru Hikifinifenmage; Abdul Aziz of Maafannu Athassaagiri; and Mohamed Shiyam of Henveiru Maabadeyri Aage.

SBI claimed that Friends Incorporated Private Limited was issued a loan of Rf500,000 on August 11, 1994, along with a Rf900,000 loan and a US$100,000 (Rf1,542,000) loan on April 15, 1998. The company however still owes Rf6,432,280 to the bank in outstanding loan repayments.

Moreover, according to SBI, Friends Incorporated owes US$1,376,081 (Rf21,219,169) out of a US$50,000 (Rf771,000) loan taken on October 1, 1995, a loan of US$250,000 (Rf3,855,000) taken on April 15, 1997 and another US$175,000 (Rf2,698,000) loan taken on January 26, 1999.

As the company had mortgaged all of its assets and the “Kalamidhi” plot, SBI requested the court to sell all the mortgaged assets if the company fails to settle the outstanding payments and interest.