The Civil Court has annulled a previous ruling ordering reimbursement to a person who bought an apartment from K-Park Residences, a condo being developed in Hulhumalé.

The Civil Court annulled the verdict on Wednesday.

The annulled verdict was for the reimbursement of money for an apartment sold to Rafeeuddin Naseem from Hithadhoo district of southernmost Addu City.

The Civil Court back then ruled for him to be reimbursed a total of MVR 2.9 million and USD 20,000.

The verdict was issued on Hanbo Company, carrying out the work of K-Park Residences, on 24 October 2022.

The ruling was set to expire on 24 December 2023.

Hanbo company filed for the annulment of the verdict in June 2024.

The verdict was annulled after considering the matters included in the case submitted by the company.

The court considered the case for annulment based on Article 124 of the Civil Procedure Act, which provides an opportunity to annul a ruling made in absentia through the court that issued the ruling, if the ruling is incorrect.

Hanbo Company noted that forged documents were used to sell the apartment. The company also highlighted in their case for annulment that the Maldives Police Service (MPS) is not currently investigating the matter.

In addition to this, the company noted that they did not get the opportunity to respond to the case as another party had taken possession of the case documents submitted by Rafeeuddin.

Further, Hanbo asserted that although their lawyers requested to respond to the lawsuit against the company, they did not get the opportunity as another party had taken possession of the case documents.

The Civil Court annulled the ruling to reimburse the buyer, after considering these and several other points.

The Maldives Police Service (MPS) in December 2023 completed its investigation into allegations of fraud in the sale of apartments in K-Park Residences being developed by Hanbo Company Private Limited in Hulhumalé.

51 victims were identified in the fraud case.

Charges were filed against a suspect for deliberately providing a forged document in order to mislead a person, signed under the name of Jin Shihu, a 95 percent shareholder of Hanbo Company, who had not authorized it and was not aware such an interaction was being made.

The Prosecutor General’s Office (PG Office) revealed that the chargesheet includes charges in connection with the sale of a total of 23 apartments at K-Park Residences.

The 23 apartments were allegedly sold to more than 50 people, with more than six people to have bought a single apartment.

PG Office revealed that more issues linked to the scheme are being investigated by the police institution, presently.

Charges of money laundering and aiding in money laundering were filed on charges of aiding and abetting money laundering by various individuals for the purchase of apartments, in different ways, by depositing cash and combining it with the money deposited in the account.

In view of the 201 charges filed so far, the victims have also sought compensation.