Tag: sheesha brothers

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.

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Seven people charged in Sheesha Brothers MVR 18 million fraud case

The Prosecutor General’s Office (PGO) has pressed charges against seven people in a case involving MVR 18 million (US$1.2 million) that went missing from the State Bank of India (SBI) account of the owners of local motorcycle retailer Sheesha.

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

The PGO pressed charges today against Maldives National Defense Force (MNDF) Retired Colonel Shaukath Ibrahim and two female staff from SBI, Sulthana Hussain of H Miureksand Aishath Hussain from Kelaa Island in Haa Alif Atoll. Additionally, Ibrahim Shaheed from Thulhaadhoo Island in Baa Atoll, Mohamed Musthafa and Mohamed Musthaumid from Lhaimagu Island in Lhaviyani Atoll, and Ali Ashraf of Rasmaadhoo Island in Raa Atoll were also charged.

Retired Colonel Shaukath Ibrahim’s bank account was used to transfer the money and withdraw it, according to local newspaper Haveeru.

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

In November 2011, Hussain Husham told local media that the total amount of MVR 18 million was taken in two transactions.

The first transaction was made on November 9, 2011, with the amount of MVR 8.5 million (US$551,000) withdrawn. On December 20, the culprits withdrew an additional MVR 9.5 million (US$616,000) from the Sheesha brothers’ account.

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