The Managing Director of the Housing Development Corporation (HDC), Ibrahim Fazul Rasheed, has stepped down from his position, citing a desire to facilitate an ongoing police investigation into the Binveriyaa housing scheme.
Fazul’s resignation letter was submitted to President Dr. Mohamed Muizzu earlier today. In the letter, Fazul denied allegations circulating on social media, which accuse him of irregularities in the management of the housing scheme. He emphasized that all his actions as Managing Director were conducted with the approval of HDC’s board of directors and aligned with the corporation’s policies.
“I am resigning to ensure that the investigation can proceed without any hindrances. My intention is to allow the corporation to continue implementing the government’s housing policies without delays or disruptions,” Fazul stated in the letter.
His decision to step down comes amid a broader probe into the Binveriyaa scheme, which has been marred by allegations of misconduct. Local authorities have imposed travel bans on all suspended directors of the corporation as part of the investigation.
The Binveriyaa housing initiative, aimed at addressing the growing housing demand in the Maldives, has recently come under scrutiny following claims of land being allocated to ineligible recipients. Fazul’s resignation marks a significant development in the unfolding investigation, as authorities work to address public concerns and ensure accountability.
Further details regarding the investigation and its findings are awaited, as this case continues to garner widespread attention.
