The Maldives Police Service (MPS) has urged caution over an ongoing U.S. dollar trade scam.

The police institution revealed that there has been an increase in fraudulent activities through social media platforms, where individuals claim to be selling U.S. dollars and deceive people with extort money.

MPS has shed light on the importance of conducting foreign currency transactions with trusted and legally authorized entities, stating that it is a significant step to protect oneself from such scams.

The issue of trading U.S. dollars in the black market has worsened due to the shortage of U.S. dollars, facing the island nation.

Foreigners are observed to be largely involved in such activities and the prevalence of such scams has mounted in communities on platforms like Telegram, Facebook, as well as Viber.

According to authorities, illegal expatriates are predominantly active in trading U.S. dollars in the black market.