Housing Development Corporation (HDC) has begun issuing compensation to victims of the Sea Life Global fraud.
Sea Life Global Private Limited was contracted to develop 3,000 housing units in Hulhumale' by the previous administration and the company had collected booking fees and down payments from many who wanted to buy their apartments. Due to the delay in the development of the housing units, those who made the down payments and booking fees filed a case at the Civil Court.
HDC got involved in the case and signed settlement agreements with the victims to compensate individuals who were afflicted in the fraud financially. HDC also announced individuals affected to submit settlement requests.
While 189 claimed reimbursements in the first round, an additional 23 submitted their documents in the second run, to claim compensation. All individuals will be compensated the total amount they had paid to Sea Life Global.
In 2014 Sea Life Global was contracted to develop the 3,000 housing units in Hulhumale. While no construction work commenced, Sea Life collected down payments from over 280 individuals. A report compiled by HDC indicated that Sea Life Global took on the project with the awareness that they were financially unfit to fund such a mega project. The reason for the award of the contract was considered influence peddling.
Police are now working to apprehend the owner of Sea Life Global Ahmed Moosa Mohamed. An Interpol Red Notice has been issued to capture him.