"President Abdulla Yameen has today dismissed... Col Mohamed Nazim from the post of minister of defence and national security," the presidency said in a statement, without giving any reason for Nazim's removal.
Yameen had appointed retired army general Moosa Ali Jaleel, 54, as the new defence minister, the statement said.
Nazim's sacking comes after police were seen taking away unspecified documents during a raid early on Sunday, after reportedly obtaining a search warrant on suspicion that he was "harbouring weapons and explosives".
Nazim, then a retired officer, sided with mutinous police and troops who forced Nasheed to step down. Nasheed later said he resigned because he feared violence.
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Speaking to reporters after his sacking, Nazim insisted there was no grounds for the police to raid his home.
"In which country of the world do police kick down the door to a defence minister's home and proceed to destroy all doors and conduct a raid at 3:30 am while the defence minister is asleep," the local Haveeru news service quoted him as saying.
The Maldives is known for pristine beaches and secluded coral islands popular with honeymooners, but the nation of 330,000 Sunni Muslims is plagued by rising religious intolerance and political unrest.