Housing Development Corporation (HDC)'s Managing Director Fazul Rasheed has resigned at a time a storm of corruption allegations has been rocking HDC.

He resigned while under suspension. Fazul tendered his resignation on Saturday.

In his resignation letter, he stated that he denies all the allegations made against him during his tenure and those circulating on social media. Fazul noted that this includes allegations surfacing on social media platforms as well as other platforms.

Fazul stressed that all transactions made by the company since his appointment were done in accordance with the board's decisions and company policies. He also emphasized that all the company’s work was carried out with its best interests as the top priority.

Further, the former HDC MD went on to note that the allegations against the company regarding the ‘Binveriyaa’ scheme are unrelated to the company. His letter expressed his desire for the truth of these allegations to be revealed as soon as possible. He also noted that he does not wish for the company's and government's policies to be halted because of the issue.

Fazul said he is resigning to allow for the ongoing investigation into the ‘Binveriyaa’ scheme and to allow the company and government policies to continue uninterrupted. Therefore, he stated that he is resigning, effective Saturday.