Six Bangladeshi nationals were arrested at Velana International Airport (VIA) on Friday after authorities found more than MVR 3.86 million worth of foreign currency concealed inside cereal packets as they attempted to leave the Maldives.

According to police, the arrests followed an operation conducted based on information received by a joint task force formed as part of the government’s crackdown on illegal foreign currency trading.

The six men were reportedly preparing to board a flight to Dhaka when they were detained. 

Authorities recovered foreign currencies from 18 countries, with the total value estimated at MVR 3,861,415.29.

The seized cash included USD 174,161, EUR 56,760 and GBP 1,815, along with currencies from other countries.

Images released by police showed bundles of banknotes concealed inside packets of Ye Ye cereal.

All six suspects remain in police custody as the investigation continues.

The arrests come amid intensified efforts by authorities to curb illegal foreign currency exchanges.

Home Minister Ali Ihusaan said last week that authorities had identified cases involving expatriates allegedly operating corner stores as unauthorized US Dollar exchange points with the assistance of Maldivians.

Authorities are also investigating 12 expatriates suspected of involvement in large-scale US Dollar exchanges through the black market, according to the minister.

The government’s wider crackdown includes recent amendments to the Foreign Currency Act.

Under the changes, advertising or promoting foreign currency exchange at rates above those officially set by the central bank is prohibited.

Publishing, sharing or otherwise distributing black-market exchange rates through digital platforms or other channels can also result in fines of up to MVR 500,000 for individuals and MVR 5 million for legal entities or registered businesses.